Abstract
The aim of the paper is to analyze the impact of professional judgment and to point out its role and importance on the compilation and presentation of financial statements. The paper lists the areas contained in the Conceptual Framework of Financial Reporting and selected IAS/IFRS in which the importance of judgment is emphasized. As professional judgment plays a central role in the preparation and presentation of financial statements, it is necessary to encourage the formalization of the approach in determining the most suitable method of selecting indicators for recognition, derecognition and valuation of balance sheet elements.
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