As part of the process of international harmonisation,standard setters have removed the need for professional judgment to be exercised in respect of expenses; all discretion that once existed has been removed.

Question

Quizplus · Accepted Answer

Standard setters have not completely removed the need for professional judgment to be exercised in respect of expenses. While there are prescribed methods and guidelines for recognizing and measuring expenses, professional judgment may still be required in certain circumstances, such as determining the nature and classification of expenses or assessing the materiality of certain items.

As Part of the Process of International Harmonisation,standard Setters Have