View Policies Current Attempt in Progress In a rules-based approach (such as U.S. GAAP), compared to a principles-based approach (such as Canadian GAAP), O the importance of communicating the best information to users is emphasized. since it is more prescriptive, it may be easier to defend how to account for a particular item. O the body of knowledge is smaller. O companies frequently do not interpret the rules literally. Save for Later Last saved 38 minutes ago. Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes. Attempts: 0 of 1 used Submit Answer