ICAS publishes new professional judgement framework
05 Sep 2016
Since we are increasingly applying principles-based standards, the Institute of Chartered Accountants of Scotland (ICAS) has developed a professional judgement framework distilling the key principles for making a sound judgement.
The framework A professional judgement framework for financial reporting decision making - An international guide for preparers, auditors, audit committees, regulators and standard setters across business and not-for-profit sectors identifies core principles and provides a structured process to guide decision makers through how to make, assess and document significant judgements. It targets significant judgements across narrative and financial reporting including accounting treatment, materiality and disclosures.
The framework is designed to fit within the context provided by applicable accounting standards. It also provides a useful training guide for students or those new to decision making.
Please click to access the framework and a corresponding press release on the ICAS website.
