A principles based approach to financial reporting standards generally does not exhibit ` the following:
A)Specific rules
B)Flexibility
C)General guidance
D)Room for a large degree of professional judgement

Question

Quizplus · Accepted Answer

A principles based approach to financial reporting standards relies on general principles and concepts rather than specific rules. This approach allows for more flexibility and greater professional judgement in interpreting and applying the standards.

A Principles Based Approach to Financial Reporting Standards Generally Does