（2009）Professional Judgment：A Model for Accounting and Auditing Decisions.pdfVIP

A C C O U N T I N G A U D I T I N G f i n a n c i a l r e p o r t i n g Professional Judgment: A Model for Accounting and Auditing Decisions By James Schmutte and reduce the complexity of the finan- James R. Duncan cial reporting system for investors, prepaiers. and auditors. The final he transition of U.S. compa- report , issued in August 2008 , nie s from U.S . GAA P to included recommendation s in TIFRS, along with the related live areas : discu.ssion of rules-based versus prin- • Increasing the usefulnes s of ciples-based standards, is a hot topic infonnation in SEC reports, in accounting circles . Both sets of • Enhancing the accounting stan- standards derive from conceptual dards-setting prtx;ess, frameworks of accounting princi-