List the Various Factors That Need to Be Considered Regarding

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Examlex · Accepted Answer

The Answer is Professional judgment should be based on a critical and reasoned evaluation made in good faith,prior to the exercise of the judgment,of an identified issue,including the nature and scope of the issue based on the following:
1.An analysis of the transaction,including the substance and business purpose of the transaction.
2.The material facts reasonably available at the time that the financial statements are issued.
3.A thorough review and analysis of relevant literature,including the relevant underlying principles.
4.Alternative views or estimates,including pros and cons for reasonable alternatives.
5.The rationale for the choice selected,including reasons for the alternative or estimate selected and linkage of the rationale to investors' information needs and the judgments of competent external parties.
6.Linkage of the alternative or estimate selected to the substance and business purpose of the transaction or issue being evaluated.
7.Known diversity in practice regarding the alternatives or estimates.
8.The consistency of application of alternatives or estimates to similar transactions.
9.The appropriateness and reliability of the assumptions and data used.

List the Various Factors That Need to Be Considered Regarding

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List the Various Factors That Need to Be Considered Regarding

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Correct Answer:VerifiedShow Answer

Correct Answer:
Verified