How does professional judgement enter in to the application of the principle of adequate disclosure?
Answer
The principle of adequate disclosure means that financial statements should be accompanied by any information necessary for the statements to be interpreted properly. Most disclosures appear within several pages of notes (or footnotes) that accompany the financial statements. Drafting footnotes requires an in-depth understanding of the company and its operations. As there is no comprehensive list of information that must be disclosed and the content of the notes often is not drawn directly from the accounting records, the adequacy of disclosure is dependent upon the accountants' professional judgment. This professional judgment is used in selecting for disclosure those items that an intelligent person would consider necessary to properly interpret the financial statements
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