IFRS is principled based and openly acknowledges users have to apply judgement in applying standards. They wouldn't look to move to a prescriptive approach (more akin to US). The company applies their judgment and auditors theirs. If they disagree on something material you'll get a qualification - I can't see there being a legal remedy for that. I also can't see a lawyer being an expert in accounting standards and their interpretation and if a court case relied on accounting standard interpretation I would expect a lawyer to call an expert witness which would probably end up with a large firm....That's why I find getting a legal opinion very odd. Also unusual that the laundry gets aired.
DYOR opinions only
Counsel's opinion, page-14
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