An approximation in a financial statement of the amount to be credited or debited on items for which there is no precise means of measurement, such as depreciable assets or provisions for a loss from a lawsuit. Estimates are based on the judgment and specialized knowledge derived from past experience.

Related information about accounting estimate:

1. change in accounting estimate definition | AccountingCoach.com
   Accounting estimates include the estimated salvage value and the estimated useful life of depreciable assets, estimated percentage.
    
2. AU Section 342 - Public Company Accounting Oversight Board
   For purposes of this section, an accounting estimate is an approximation of a financial statement element, item, or account. Accounting estimates are often ...
    
3. What is accounting estimate? definition and meaning
   Definition of accounting estimate: An approximation in a financial statement of the amount to be credited or debited on items for which there is no precise means ...
    
4. Change In Accounting Estimate: Definition from Answers.com
   Restatement of an accounting assumption or forecast. Examples include changing the economic (useful) life or salvage value of a fixed asset.
    
5. Auditing Accounting Estimates - the AICPA
   mates in an audit of financial statements in accordance with generally accepted auditing standards. For purposes of this section, an accounting estimate is an ...
    
6. Provide An Example Of An Accounting Estimate And - StudyMode.com
   An accounting estimate can be defines as an adjustment of the carrying amount of an asset or a liability or the amount of the periodic consumption of an asset ...
    
7. Change in Accounting Estimate - AccountingTools
   A change in accounting estimate does not require the restatement of earlier financial statements, nor the retrospective adjustment of account balances.
    
8. What is change in accounting estimate? definition and meaning
   Definition of change in accounting estimate: If there is a difference in a depreciation cost, a notation is made in the financial statement. This affects depreciation ...