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What are the differences between black-letter and grey-letter text in AWAS and WACF?

April 26, 2017awas differences text wacf

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What are the differences between black-letter and grey-letter text in AWAS and WACF?

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Black-letter (bold) paragraphs contain the main principles of the AWAS and WACF. It will be mandatory to comply with these paragraphs. Grey-letter paragraphs: • provide illustrative guidance on the application of black-letter principles • are explanatory rather than mandatory • are intended to help preparers interpret the black-letter paragraphs • contain elaboration on key principles, examples and references to other relevant standards.