Transcription of INTERNATIONAL STANDARD ON AUDITING 540 AUDITING …
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INTERNATIONAL STANDARD ON AUDITING 540 AUDITING …
INTERNATIONAL STANDARD ON AUDITING 540. AUDITING ACCOUNTING ESTIMATES, INCLUDING fair . value ACCOUNTING ESTIMATES, AND RELATED. DISCLOSURES. (Effective for audits of financial statements for periods beginning on or after December 15, 2009). CONTENTS. Paragraph Introduction Scope of this ISA .. 1. Nature of Accounting Estimates .. 2 4. Effective Date .. 5. Objective .. 6. Definitions .. 7. Requirements Risk Assessment Procedures and Related Activities .. 8 9. Identifying and Assessing the Risks of Material Misstatement .. 10 11. Responses to the Assessed Risks of Material Misstatement.
many fair value accounting estimates, th e measurement objective is different, and is expressed in terms of the value of a current transaction or financial statement item based on conditions preval ent at the measurement date, such as estimated market price for a particular type of asset or liability. For example,
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