(2 ) Why does the IASB believe that a principles-based approach to standard setting is superior to a.1 * ?rules-based approach (2) Detailed guidance or rules encourage accountants to look for ways around the rules rather than trying to provide useful information Principles-based standard setting is less costly to undertake than rules-based standard formulation It is desirable to have all corporations in all countries using the same accounting practice A conceptual framework for standard setting has demonstrated to encourage the greatest economic O development