Znaczenie i przyszłość zasady ostrożności
The significance and future of the prudence principle

Summary/Abstract: In 2010 IASB removed the prudence principle from its Conceptual Framework. The IASB’s decision encourages to discuss the significance of this principle in accounting. The article presents arguments for and against the prudence principle and defines its future. The article was prepared on the basis of an analysis of the literature and international regulations. The use of the prudence principle in the classical interpretation does not disturb the reliability of financial information but it lowers its relevance for some users of financial statements. The prudence principle in such an interpretation is no longer the fundamental principle of accounting whereas the prudence principle interpreted as the exercise of caution when making judgements and estimates will remain one of general accounting principles of all entities.

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