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.

Financial Reporting Standards (IFRSs) for the first time, the working group believe that this framework will have wider international relevance. This need for additional guidance was corroborated by the results of a recent survey of ICAS members on the future of financial reporting7. Members were asked: Would a professional judgement framework

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