Formation of Professional Accounting Judgment

Professional judgment plays an important role in formation of reliable, complete information about financial position and company's operation results. The article covers and substantiates the importance and necessity of using professional accounting judgment in up-to-date accounting practice. It has been proved that with development and complexity of market relations and business conditions the need for professional judgment taking into consideration its significance in providing users with accurate information will only gro. According to the author the complex procedure of making professional judgment can be improved through phasing of its formation and applying principles of legality, consistency, system approach, advantages of business substance over the legal form, sufficiency of the decisions made, possibility of implementing into practice, efficiency, periodic monitoring and responsibility for the decisions made. Having the results of the study performed the stages of professional judgment formation have been determined and characterized.