Principles-Based Standards Differ from a Rules-Based Approach Because

question 4

Multiple Choice

Principles-based standards differ from a rules-based approach because:

• A)Principles-based standards rely on bright-line concepts to apply accounting standards
• B)Rules-based standards rely on bright-line rules to apply accounting standards
• C)Principles-based standards set uniform goals for the application of accounting standards
• D)Rules-based standards form the basis of IFRS

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