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Personal cabinetTheoretical and organizational aspect of application of the professional judgment in the formation of the accounting policy under IFRS
Bibliographic description of the article for the citation:
Юлія Лузанчук. Theoretical and organizational aspect of application of the professional judgment in the formation of the accounting policy under IFRS//Science online: International Scientific e-zine - 2022. - №1. - https://nauka-online.com/en/publications/economy/2022/1/11-13/
Annotation: The article highlights the areas of application of professional judgment of the accountant in the formation of accounting policies under International Financial Reporting Standards. According to the results of the analysis of normative and legal regulation of professional judgment, it is established that the current legislation does not set limits on the application of professional judgment in the formation of accounting policies under IFRS. To solve this problem, a model of professional judgment is proposed, which includes assessment of the competence of accounting staff, risk assessment of internal and external environment. The article pays special attention to the analysis of the variability of legislation and clarifying the essence of professional judgment in the works of domestic scientists and the legal framework.