CIFiR's (SEC established Advisory Committee on Improvements to Financial Reporting)progress report proposes a framework for accounting judgments consisting of which two components?
A)A critical and good-faith thought process and documentation.
B)Calibration and estimation.
C)Professional accounting judgment and professional auditing judgment.
D)Heuristics and accounting risk.

Question

Quizplus · Accepted Answer

CIFiR's progress report proposes a framework for accounting judgments consisting of a critical and good-faith thought process and documentation, which emphasizes the importance of reasoning and documenting judgment decisions. The other options may be relevant to accounting judgments, but they were not specifically mentioned in the report.

CIFiR's (SEC Established Advisory Committee on Improvements to Financial Reporting)progress