The Code of Ethics for Professional Accountants adopts a conceptual framework approach because it is impossible to anticipate every situation that might create an ethical problem for a professional accountant.

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A conceptual framework approach provides a set of principles and values that can guide professional accountants in making ethical decisions, rather than giving prescriptive rules for every possible situation. This allows for flexibility and adaptability in a rapidly changing business environment.

The Code of Ethics for Professional Accountants Adopts a Conceptual