The SEC's Advisory Committee on Improvements to Financial Reporting (CIFiR) developed a framework for accounting judgments consisting of which components?
A)A critical good faith thought process and reflective judgment
B)A critical good faith thought process and documentation
C)Documentation and reflective judgment
D)Values and principles

Question

Quizplus · Accepted Answer

The framework for accounting judgments developed by CIFiR consists of a critical good faith thought process and documentation. Therefore, choice B is the correct answer. The other choices do not accurately reflect the key components of the framework.