Judgment Sustained

Poor judgment in accounting can be costly. Despite the use of rules-based standards in the United States - Generally Accepted Accounting Principles (GAAP) - poor judgment is one of the leading reasons for failed financial reporting. Judgment, at its core, is not formulaic. No judgment framework will result in consistently correct and effective decisions. However, using a judgment framework could lead to greater consistency in decision making and practice.

Provided by: Deloitte LLP Topic: Big Data Date Added: Jan 2010 Format: HTML

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