Why does the IASB believe that a principles$-$based approach to standard setting is superior to a rules$-$based approach?

Multiple Choice

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.