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Ncial statements for periods beginning on or after January 1, 1989, unless otherwise indicated. .01 This section provides guidance to auditors on obtaining and evaluating sufficient appropriate audit evidence to support significant accounting estimates in an audit of financial statements in accordance with generally accepted auditing standards. For purposes of this section, an accounting estimate is an approximation of a financial statement element, item, or account. Accounting estimates are oft.
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Nonmonetary FAQ
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The line items in a financial statement will vary from one corporation to the next, but the most common among them are revenues, costs of goods sold, taxes, cash, marketable securities, inventory, short-term debt, long-term debt, accounts receivable, accounts payable, and cash flows from investing, operating, and ...
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Significant accounting estimates are estimates used for the preparation of the financial statements where accurate, historic amounts and/or information are not available.
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ISA 540 (Revised) defines an accounting estimate as: “A monetary amount for which the measurement, in ance with the requirements of the applicable financial reporting framework, is subject to estimation uncertainty”, where estimation uncertainty is defined as “susceptibility to an inherent lack of precision in ...
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A very simple example of a reasonableness check is the validation of a social security number (SSN). You could very easily dump all SSN's into an Excel spreadsheet and sort them to ensure there are no letters or other special characters in the value.
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Examples of Accounting Estimates Estimating the useful life, impairment and revalued amounts of non-current assets. Bad debts. Revenues, such as freight revenue. Receivables, such as allowance for loan losses and uncollectible receivables. Accruals and inventory estimates.
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The line items in a financial statement will vary from one corporation to the next, but the most common among them are revenues, costs of goods sold, taxes, cash, marketable securities, inventory, short-term debt, long-term debt, accounts receivable, accounts payable, and cash flows from investing, operating, and ...
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Examples of accounting estimates include net realizable values of inventory and accounts receivable, property and casualty insurance loss reserves, revenues from contracts accounted for by the percentage-of-completion method, and pension and warranty expenses.
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Significant accounting estimates are estimates used for the preparation of the financial statements where accurate, historic amounts and/or information are not available.
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Changes in accounting estimates result from new information. Common examples of such changes include changes in the useful lives of property and equipment and estimates of uncollectible receivables, obsolete inventory, and warranty obligations, among others.
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Reasonableness tests look initially at the implied payback periods, especially for goodwill. Given that goodwill is the one major asset that is unlikely to retain its value if the business declines, the expected payback period for goodwill is a good indicator of the real risk in the business.
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ISA 540 (Revised) defines an accounting estimate as: “A monetary amount for which the measurement, in ance with the requirements of the applicable financial reporting framework, is subject to estimation uncertainty”, where estimation uncertainty is defined as “susceptibility to an inherent lack of precision in ...
-
Reasonableness testing – the analysis of accounts, or changes in accounts between accounting periods, that involves the development of a model to form an expectation based on financial data, non - financial data, or both.
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A very simple example of a reasonableness check is the validation of a social security number (SSN). You could very easily dump all SSN's into an Excel spreadsheet and sort them to ensure there are no letters or other special characters in the value.
-
When companies report financial results, they often rely on estimates made by management. Examples include the allowance for doubtful accounts, warranty obligations, costs of pending litigation, goodwill impairment and the fair values of acquired intangible assets.
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Examples of Accounting Estimates Estimating the useful life, impairment and revalued amounts of non-current assets. Bad debts. Revenues, such as freight revenue. Receivables, such as allowance for loan losses and uncollectible receivables. Accruals and inventory estimates.
-
Reasonableness test Auditors conduct reasonableness tests to confirm the validity of a company's transactions, balances and other financial events. They determine reasonableness based on the information provided on two or more sources of data.
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The reasonableness test primarily applies to exclusion and limitation clauses which seek to limit or exclude liability for breach of contract, negligence or other claims. The test considers any power imbalance between the parties to determine whether one party can impose unfair terms on the other.
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Examples of accounting estimates include net realizable values of inventory and accounts receivable, property and casualty insurance loss reserves, revenues from contracts accounted for by the percentage-of-completion method, and pension and warranty expenses.
-
Changes in accounting estimates result from new information. Common examples of such changes include changes in the useful lives of property and equipment and estimates of uncollectible receivables, obsolete inventory, and warranty obligations, among others.
-
Reasonableness tests look initially at the implied payback periods, especially for goodwill. Given that goodwill is the one major asset that is unlikely to retain its value if the business declines, the expected payback period for goodwill is a good indicator of the real risk in the business.
-
Reasonableness testing – the analysis of accounts, or changes in accounts between accounting periods, that involves the development of a model to form an expectation based on financial data, non - financial data, or both.
-
When companies report financial results, they often rely on estimates made by management. Examples include the allowance for doubtful accounts, warranty obligations, costs of pending litigation, goodwill impairment and the fair values of acquired intangible assets.
-
Reasonableness test Auditors conduct reasonableness tests to confirm the validity of a company's transactions, balances and other financial events. They determine reasonableness based on the information provided on two or more sources of data.
-
The reasonableness test primarily applies to exclusion and limitation clauses which seek to limit or exclude liability for breach of contract, negligence or other claims. The test considers any power imbalance between the parties to determine whether one party can impose unfair terms on the other.
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Keywords relevant to AU Section 342
- uncollectible
- Recoverability
- payables
- accruals
- minimized
- misstatements
- nonmonetary
- executory
- evidential
- assesses
- adequacy
- evaluates
- imputed
- reasonableness
- receivables
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