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.

Learning Objectives
  • Identify key areas in U.S. GAAP where accounting estimates are required.
  • Recognize the potential risks and challenges associated with accounting estimates.
  • Discover and differentiate between the proper use of estimates and instances of misuse or manipulation.
  • Discover and determine the impact of inaccurate accounting estimates on financial statements.
Last updated/reviewed: January 29, 2025
Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview
Course Syllabus
COURSE MATERIAL
  Accounting Estimates: Risks, Challenges, and Potential Bias (Text Based Course)PDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam