Accounting Estimates in the Spotlight
Over recent years an area of focus for the accounting and audit professions has been accounting estimates. This focus arises as there are opportunities for businesses to massage their results through estimates, especially where they are signiﬁcant, subjective and/or complex. For accounting periods commencing after 15 December 2019, so typically for 31 December 2020 year ends, the level of audit evidence and therefore accounting and audit work, over accounting estimates will increase as the expanded audit requirements are introduced.
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