Canadian accounting standards are based mainly on principles rather than rules because it is impossible to create a rule for every situation.

Name: Canadian accounting standards are based mainly on principles rather than rules because it is impossible to create a rule for every situation.
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Quizplus · Accepted Answer

Canadian accounting standards, like IFRS, are principle-based to allow flexibility and professional judgment in diverse and complex situations.

Canadian Accounting Standards Are Based Mainly on Principles Rather Than