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October 1, 2012

ICAS launches financial reporting framework

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 said.

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

 

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