Requirement Provide the key characteristics of rules-based standards and principles based standards Key characteristics of rules based standards. (Select all that apply. If an input field is not used in the table, leave the input field empty, do not select a label) Are consistent with an established theory or conceptual framework Contain detailed application guidance Contain numerous bright-line tests Contain numerous exceptions to the types of firms and industries that are covered by the standard Do not rely on extensive use of professional judgment Involve a significant amount of judgment in application Involve few, if any, exceptions Involve no "bright-ine" tests Provide a clear discussion of the accounting objective related to the standard Provide insufficient guidance to implement the standard Result in inconsistencies between standards