In which of the following contexts would accountants be required to exercise professional judgement?
A) Deciding whether property, plant and equipment should be measured at fair value after its initial recognition.
B) Determining the most appropriate depreciation method to be used for non-current assets.
C) Measuring the net realisable value of inventories.
D) All of the options are correct.

Question

Quizplus · Accepted Answer

In all of the given contexts, accountants would be required to exercise professional judgement. Deciding whether to measure property, plant and equipment at fair value, determining the appropriate depreciation method, and measuring the net realisable value of inventories all require judgement and the application of accounting principles and standards.

In Which of the Following Contexts Would Accountants Be Required