International Accounting Standards Are Said to Be Principles Based, Implying

Multiple Choice

International accounting standards are said to be principles based, implying that:

A) there are explicit rules to cover virtually every situation a company may encounter.
B) they are no different than the Australian GAAP in the directions provided to accountants.
C) it calls for relying more on general guidelines than on precise rules for how companies must report transactions.
D) All of the above are true.