Question: Principles-based standards differ from a rules-based approach because: Principles-based standards set uniform goals for the application of accounting standards Rules-based standards form the basis of

Principles-based standards differ from a rules-based approach because: Principles-based standards set uniform goals for the application of accounting standards Rules-based standards form the basis of IFRS Principles-based standards rely on bright-line concepts to apply accounting standards Rules-based standards rely on bright-line rules to apply accounting standards

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