Sample Essay

In the case of Target Corporation, the element of judgment comes in the following ways.In the first case, judgment will be necessitated by the selection of an accounting standard as well as well as its implementation.

Secondly, it has been widely observed that many transactions and events do not always neatly fall within the scope of existing standards. In this case, Target corporation accountants will have to make judgment to determine or identify the applicable underlying accounting principle.

In the third place, Target Corporation has provided three different sets of the financial statements. This is done after the judgment was done to determine the level of detail required by different groups. As a result, the final decision was to create different sets of information that will be reliable and relevant to the different readers of the financial reports. In addition the presence of unusual or non-routine transactions and or events need to be well detailed to some but not all of the readers of the financial reports.

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