General ACCAPrinciple vs rule based approach

There is a P1 technical article on the ACCA website titled 'Rules, principles and Sarbanes-Oxley.' I think you will find it useful.

I have read through it a few times, honestly I still find it hard to understand. If you can by any chance explain a bit, I would very much appreciate it. Just a brief idea at least. Thanks

Below are some of my notes when I studied P1: rule based: Provisions are made / enforceable in law Any breach is an legal offence Limited latitude (assuming "one size fits all") "Box ticking exercise" Quality of legislation is more important than degree of compliance principles based ("comply or explain"): Explain when unable to comply (explain the areas of non-compliance and the reasons) Allow latitude in compliance Shareholders to judge for themselves the seriousness of breach Allow more timely response

Thank you so much. Can you provide an example of each?