Requirement Provide the key characteristics of rules-based standards and principles-based standards Key characteristics of rules-based standards (Select all that apply. If an input field is not used in the table, leave the input field empty, do not select a label) Requirement Provide the key characteristics of rules-based standards and principles-based standards. FERRE Key characteristics of rules-based standards: (Select all that apply, If an input field is not used in the table, leave the inpu select a label.) Are consistent with an established theory or conceptual framework Contain detailed application guidance Contain numerous bright-line tests Contain numerous exceptions to the types of firms and industries that are covered by the standard Do not rely on extensive use of professional judgment Involve a significant amount of judgment in application Involve few, if any, exceptions Involve no "bright-line" tests Provide a clear discussion of the accounting objective related to the standard Provide insufficient guidance to implement the standard Result in inconsistencies between standards