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Abstract: This paper aims to describe the professional judgment resulted from the issuance and application of international standards IAS/IFRS. A main purpose was to practically and conceptually identify the forms in which this judgment is generating its effects in the professional activity. The professional judgment raises various interrogations regarding its valences in the organizational environment and represents a central element of the current legislator's attention.
Keywords: professional judgment, IAS/IFRS, accounting, information, regulators
1 Introduction
The International Financial Reporting Standards - IFRS incorporate a set of regulations. Currently, these norms are issued by the IFRS Foundation and the International Accounting Standards Board (IASB) to provide an identical information process and a common global set of procedures for companies so that the accounts can be understandable and comparable in an extended manner across international boundaries.
A large number of standards that are part of IFRS are known under the name International Accounting Standard (IAS). These standards were issued by IASC - Board of the International Accounting Standards Committee - the predecessor of IASB, and are still within use today.
IAS standards were issued between 1973 and 2001. On April 2001, the new International Accounting Standards Board (IASB) has adopted all IAS Standards, developing a permanent process of improving them. The new standards are called IFRS. IAS standards are no longer issued, those that already exist are still in force until they are replaced or amended by the issuance of new IFRSs.
2. A general view of the Financial Reporting Standards
The conceptual framework of IFRS, an important regulatory element, guides the accounting practices and implicitly the conduit and judgment at a professional level through the presentation of the financial statement's objectives, of qualitative characteristics of accounting information through their utility...