As part of the process of international harmonisation,standard setters have removed the need for professional judgement to be exercised in respect of expenses; all discretion that once existed has been removed.

Question

Quizplus · Accepted Answer

This statement is false. International harmonisation aims to reduce inconsistencies in financial reporting standards across countries and regions, but it does not eliminate the need for exercise of professional judgement by accountants and auditors. In fact, the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) explicitly state that professional judgement may be necessary in the application of their requirements. Expenses, like all other aspects of financial reporting, may require judgement in their recognition, measurement, and disclosure.

As Part of the Process of International Harmonisation,standard Setters Have