Office Attire :) What to wear?

What do you think is the most appropriate attire at a work place? do you think it depends on the industry the company is in or just the culture of the organisation? Most companies setup up specific rules and regulations when it comes to deciding the proper clothing employees should wear and when it goes out of hand people are warned and asked to dress appropriately. Sometimes people may argue that employees need to be comfortable at the workplace hence they are allowed to wear anything that is comfortable which might be taken for granted resulting in employees dressing atrociously. Ideally employees should understand the culture and dress accordingly but most of the time when freedom is given to employees they misuse it.