Finishing a basement

Co-Worker (same guy who asked for opinions on attic flooring the other day) is looking for opinions on the best way to cover the cement walls in his basement. Should he build out regular 2x4 stud walls, insulate and cover or, use rigid insulation, ferring (spl?) strips, vapor barrier and cover? Any other suggestions?
Thanks
Chris
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I was set to finish my basement with the Dow Styrofoam Wallmate Rigid foam insulation and 2X3's for furring. I even bought the Rigid insulation.
Unfortunately after talking to the local township inspector he said I need a bottom and top fire barrier when using rigid foam insulation.
So I am now going to install 3/4" rigid foam to the walls and then frame with 2X3". I haven't decided if I will use 2" rigid foam or fiberglass to fill the framing. This is the latest buildingscience theory.
Even if you local area permits the rigid/furring method, running electrical becomes more difficult.
Joe E.
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