Leonard \& Cho, an international accounting firm, has adopted the International Financial Reporting Standards (IFRS). These standards are simple and more flexible than other standards, so Leonard \& Cho employees can observe a set of overarching principles instead of precise rules. The partners at Leonard \& Cho prefer these standards because they allow for creative problem-solving. Which of the following describes the type of standards Leonard \& Cho uses in this scenario? a. Principles-based standards b. Rules-based standards c. Instincts-based standards d. Integrity-based standards