CIFiR's progress report proposes a framework for accounting judgments consisting of which two components?
A)A critical and good-faith thought process and documentation.
B)Calibration and estimation.
C)Professional accounting judgment and professional auditing judgment.
D)Heuristics and accounting risk.

Question

Quizplus · Accepted Answer

CIFiR's progress report proposes a framework for accounting judgments that consists of a critical and good-faith thought process and documentation. These two components ensure that accounting judgments are based on sound reasoning and supported by appropriate documentation. Calibration, estimation, heuristics, accounting risk, and professional judgment are all factors that may contribute to the final judgment but are not the main components of the proposed framework.

CIFiR's Progress Report Proposes a Framework for Accounting Judgments Consisting