What reasons have been given by the Institute of Chartered Accountants in England and Wales (ICAEW)for following a principles-based approach to setting accounting standards?

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The ICAEW has cited all three reasons for following a principles-based approach to setting accounting standards. They recognize that lawmakers and standard-setters cannot anticipate every situation, which means that specific rules may be inadequate in addressing certain scenarios. They also believe that professions should prioritize exercising judgment and integrity, which a principles-based approach can support. Finally, they argue that attracting people of high intellect, who are better equipped to apply principles to a variety of situations, is essential for the profession's success.

What Reasons Have Been Given by the Institute of Chartered