A Professional Judgement Framework for Financial Reporting

IA Professional Judgement FRAMEWORKFOR Financial REPORTINGAn international guide for preparers, auditors, regulators and standard settersPublished August 2012 ICAS 2012 ISBN: 978-1-904574-88-0 EAN: 9781904574880 This document is published by the Technical Policy & Services Board of The Institute of Chartered Accountants of Scotland (ICAS). The views expressed in this publication are those of the authors and do not necessarily represent the views of the Council of document is intended as guidance and no responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication can be accepted by the authors or the rights reserved. This publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, with appropriate acknowledgement of the booklet can be downloaded without charge from the Institute s website at: hard copy can be obtained on request from:ICAS21 Haymarket Yards Edinburgh EH12 5 BHTel: +44 (0)131 347 0240 Fax: +44 (0)131 347 0114 Email.

Professional judgement is a key skill for preparers, auditors and regulators of financial statements, especially under a principles-based accounting regime, but making a judgement can be difficult and there is not necessarily one correct answer. Being able to make good judgements is a cornerstone of being a professional accountant but to those new

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