The SEC's 2003 Report to the Congress on "Principles-Based" Accounting

Multiple Choice

The SEC's 2003 report to the Congress on "principles-based" accounting observed that the first characteristic of objectives-based standards, as dictated by the Sarbanes-Oxley Act, is that any standard must be based on

A) qualitative characteristics.
B) transparency.
C) an improved and consistently applied framework.
D) the cost-benefit test.