Consider the following three statements.
i. Although the standards in the CICA Handbook provide general guidance, the application of these standards is dependent upon particular circumstances.
ii. In practice, accountants may encounter situations where authoritative standards do not exist or may not apply.
iii. Since there is no substitute for the exercise of professional judgment in the determination of what constitutes fair presentation and good practice, it has been suggested that too much effort is being directed toward the development of standards.
Required:
Discuss the issues raised in the above statements.