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Hello Mike
i have noticed that u mentioned on this website under the f7 tips that a topic called “Reintroduction of prudence” can appear as a possible Q4 in the june session.
now i am using bpp text book which is suitable for exams in june 2014 but i cannot see anywhere any info in relation to this particular topic. i am aware of the generic concept of prudence in accounting but what specially is this “Reintroduction of prudence” and where can i read about it?
for f7 exam, are we expected to be aware of the commercial current affairs knowledge regarding the knowhow of what and which standards the IASB is currently working on? i thought I have to focus only what is written in the text book.
thanks for ur help
Prudence was dropped out when the IASB were preparing “the Framework” and it was replaced by “neutral”
There is, in the accountancy press, an undercurrent quietly demanding the neutral be dropped and prudence restored to her former position.
Question 4 is typically based on the Framework and neutral has just as good a chance as any other element of the Framework of being asked.
If you wish to know more about it, I suggest you look in the archives of the daily publication http://www.accountancyage.com
Over the last 12 months or so there has been quite a lot written on the subject
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