Significant accounting policies may not be
A) Selected on the basis of judgment
B) Selected from existing acceptable alternatives
C) Unusual or innovative in application
D) Omitted from financial statement disclosure on the basis of judgment

Question

Quizplus · Accepted Answer

Significant accounting policies must always be disclosed in the financial statements to provide transparency to the users. Therefore, significant accounting policies cannot be omitted from disclosure based on judgment.

Significant Accounting Policies May Not Be