IASB chairman advises principles-based approach to accounting, rather than reliance on standards-setters
Sir David Tweedie has called on auditors and FDs to use their judgement when faced with complex accounting situations – and stop relying on standard setters to make their decisions.
Speaking at a London Business School conference, the IASB chairman said the standard setter favoured a principles-based approach to accounting, which required FDs and auditors to use their initiative.
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