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:

Main Thought

The primary or most important idea expressed in a piece of writing, speech, or conversation.

Subordinate Thoughts

Secondary or less important ideas that support or are related to the main thought in a discourse.

Passive Voice

A grammatical construction where the subject of the sentence is acted upon by the verb, often de-emphasizing the actor.

Sounding Accusatory

The perception that one's language or tone implies blame or accusation towards someone else, often negatively impacting communication.