I never ran into an attendance issue in primary, middle or high school, but in college, many professors had attendance policies. There was one class where I had an A average, but it was downgraded to a B because I missed one too many days. There was also a professor that WOULDN'T PASS YOU AT ALL if you didn't attend the requisite number of days. I was panicked at one point about that because I went to visit friends out of town and a snowstorm prevented me from getting home for awhile, causing me to miss several days (and I had already missed several other days -oops).
One part of me thinks -- that's not fair, but another part of me says, "You knew the rules from the get go and you got dangerously close to the line."
I still say, when a parent pulls a kid out of school, it's their business. If there are consequences, there are consequences. But THAT, likewise, is their business. I don't *get* the judgments from others on this thread (or countless other threads where this issue is debated). MYOB (not you - just, you know, as a strategy in life in general).