What reasons have been given by the Institute of Chartered Accountants in England and Wales (ICAEW) for following a principles-based approach in setting accounting standards?
A. Lawmakers and standard setters cannot anticipate every situation.
B. Accountancy profession should be about exercising judgment and integrity.
C. The profession needs to attract people of high intellect.
D. All of the above
Ans: D. All of the above
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In May Year 3, an auditor reissues the auditor's report on the Year 1 financial statements at a former client's request. The Year 1 financial statements are to be presented comparatively with subsequent audit statements. They are not restated, and the auditor does not revise the wording of the report. The auditor should
a. Dual-date the reissued report. b. Use the release date of the reissued report. c. Use the original report date on the reissued report. d. Use the current-period auditor's report date on the reissued report.
The maximum price the client expects to pay a contractor regardless of cost overruns in a project best defines
A) target price. B) celling price. C) maximum price. D) nonnegotiable price.