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Derivative Financial Instruments: Concept and Role

Derivative financial instruments: concept A derivative financial instrument is a type of financial instrument that has financial securities (such as...

Situations Where Fair Value Accounting Estimates Are Likely Required

Fair value accounting estimates Fair value accounting estimates are accounting estimates made using a method of measurement prescribed by the...

Situations Where Accounting Estimates, Other Than Fair Value Accounting Estimates, Are Likely Required

Fair value accounting estimates Fair value accounting estimates are those accounting estimates made using a method of measurement prescribed by...

Written Representations About Accounting Estimates

Written representations defined Written representations represent a written statement that is served by an entity’s management to its auditors with...

Indicators of Possible Management Bias

Concept of management bias Management bias is typically defined as a lack of neutrality by an entity’s management as to...

Accounting Estimates That Involve Relatively Low Estimation Uncertainty

Concept of estimation uncertainty In the context of accounting estimates, estimation uncertainty refers to the susceptibility of the estimate and...

Non-Routine Accounting Estimates: Examples

Non-routine accounting estimate: concept A non-routine accounting estimate is an accounting estimate that is not made on a routine basis...

Difference Between Faithful Representation and Fair Presentation

Faithful representation Faithful representation is an accounting concept (or principle) that entails that an entity's financial statements shall be prepared...

Accounting Estimates: Examples

An accounting estimate is a monetary amount for which the measurement of value is subject to estimation uncertainty, all in...