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.
Answer:D
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.