Final answer:
A principles-based, or objectives-oriented, approach to standard setting stresses the importance of setting standards that are consistent and coherent with the objectives they aim to achieve.
Step-by-step explanation:
A principles-based, or objectives-oriented, approach to standard setting stresses the importance of setting standards that are consistent and coherent with the objectives they aim to achieve. This approach focuses on defining broad principles and objectives that guide the development of specific standards. For example, in financial accounting, a principles-based approach would emphasize the overarching objective of providing relevant and reliable financial information to users, which then informs the specific accounting standards that are developed.