This paper reviews the arguments for and against prudence in accounting standards and its importance in the conceptual framework of International Financial Reporting Standards (IFRS). The Association of Chartered Certified Accountants (ACCA), the global body for professional accountants, aims to offer business-relevant qualifications to people worldwide. The paper also discusses the values of ACCA, which are aligned to the needs of employers in all sectors and ensure that its qualifications meet the diverse needs of trainee professionals and their employers. The paper concludes by stating that ACCA supports its 170,000 members and 436,000 students in 180 countries, helping them to develop successful careers in accounting and business, with the skills needed by employers.
