Accounting Estimates - Risks, Challenges, and Potential Bias
Author: Kelen Camehl
| CPE Credit: |
1 hour for CPAs |
This course provides an overview of the role of accounting estimates within U.S. GAAP. It addresses some of the key areas where estimates are required, such as fair value measurements, impairment assessments, and contingent liabilities, and emphasizes their significance in financial reporting. The course also explores the inherent risks and challenges of using estimates, including the potential for bias and abuse.
Publication Date: March 2025
Topics Covered
- Accounting Estimates
- Fair value measurements
- Impairment assessments
- Contingent liabilities
Learning Objectives
- Identify key areas in U.S. GAAP where accounting estimates are required
- Recognize the potential risks and challenges associated with accounting estimates
- Explain how to differentiate between the proper use of estimates and instances of misuse or manipulation
- Determine the impact of inaccurate accounting estimates on financial statements
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Accounting (1 hour)
Program Prerequisites
None
Advance Preparation
None
