Why does the IASB believe that a principles-based approach to standard setting is superior to a rules-based approach?
A.
Detailed guidance or rules encourage accountants to look for ways around the rules rather than trying to provide useful information.
B.
Principles-based standard setting is less costly to undertake than rules-based standard formulation.
C.
It is desirable to have all corporations in all countries using the same accounting practice.
D.
A conceptual framework for standard setting has demonstrated to encourage the greatest economic development.