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September 2009 » Professional Judgment: A Model...
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James Schmutte, DBA, CPA, and James R. Duncan, PhD, CPA
The transition of U.S. companies from U.S. GAAP to IFRS, along with the related discussion of rules-based versus principles-based standards, is a hot topic in accounting circles. Both sets of standards derive from conceptual frameworks of accounting principles. The differences exist in the extent to which authoritative standards provide guidance in implementing those principles. The common element—regardless of the standards used—is the need to exercise professional judgment in determining and applying an appropriate approach to account for and report a transaction or event.
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