Historical aspects of the definition formation «principle of precaution»

The subject of the study is the interpretation of the principle of caution. The methodological basis of the study is analysis, synthesis, deduction, scientific abstraction and generalization of the results obtained. During the study, the Conceptual Foundations of International Standards, IFRS itself, domestic federal standards in their development, as well as special literature on this topic were analyzed. The article analyzes the place of the characteristic “prudence” among the qualitative characteristics of reporting information and its interpretation in the Conceptual Framework of IFRS until 2010. Russian market economy in connection with changes in IFRS and improve its status. A conclusion is made about the contradictions between the Conceptual Framework of IFRS and the content of the international standards themselves during the absence of the principle of caution in the Conceptual Framework. The author highlights the features of using the principle of prudence in the new version of the Conceptual Framework of IFRS. It is concluded that there is a need to discuss the concept of “asymmetrical prudence” in the professional community.