How many of the following are advantages of applying a principles-based framework of accounting rather than a rules-based framework?

(i) It avoids the need for standards to be developed to resolve specific problems as they arise

(ii) It allows preparers and auditors to deal with complex transactions which may not be specifically be covered by accounting guidance

(iii) Principles based standards are thought to be harder to circumvent

a.

Only one

b.

None are true

c.

Three are true

d.

Two are true

Clear my choice