In a Principles-Based Standard-Setting System (Such as Canadian GAAP), Compared

question 5

Multiple Choice

In a principles-based standard-setting system (such as Canadian GAAP) , compared to a rules-based approach (such as U.S.GAAP) ,

• A)since it is more prescriptive, it may be easier to defend how to account for a particular item.
• B)there is a rule for every situation.
• C)accountants either apply specific standards based on the conceptual framework, or, professional judgement consistent with the framework.
• D)it is expected that professional accountants might encounter situations where they are unable to apply the principles appropriately.

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Definitions:

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