The Institute of Chartered Accountants of
Scotland (ICAS) has produced a framework to assist both auditors
and preparers of accounts apply judgement under IFRS. 

Following ICAS’ previous work with the Chinese
Institute of Certified Public Accountants, the institute developed
its “Professional Judgement Framework” to consider the demands
China now faces in recently adopting the IFRS principles.

ICAS president David Tweedie believes the
framework enables a more professional judgement to be created from
the principle-based IFRS.

“Confidence in the accountancy profession and
in principles-based standards requires the profession to
demonstrate that it is capable of making sound judgements” Tweedie

He added that the framework is “vital” for the
future of Accounting.