What Reasons Have Been Given by the Institute of Chartered

question 74

Multiple Choice

What reasons have been given by the Institute of Chartered Accountants in England and Wales (ICAEW) for following a principles-based approach to setting accounting standards?

• A)Lawmakers and standard-setters cannot anticipate every situation.
• B)Professions should be about exercising judgment and integrity.
• C)The profession needs to attract people of high intellect.
• D)All of the above.

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Definitions:

Stratigraphic Section

A representation or diagram that shows the vertical sequence of rock layers in an area, detailing their composition, age, and relationship to one another.

Transgression

A geological event during which sea level rises relative to the land, causing the shoreline to move inland across the continent.

Changes Environment

The process by which the natural or built environment undergoes alteration due to various factors such as climate change, natural disasters, or human activities.

Thick Gray Shale

A dense, fine-grained sedimentary rock formed from clay deposits, typically appearing gray in color and occurring in thick layers.