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of <h1>Understanding Accounting Estimates: Approximations in Financial Statements and Their Impact on Current and Future Periods</h1> Accounting estimates are approximations used in financial statements due to inherent business uncertainties. These estimates rely on judgments and assumptions based on the most reliable information available, ensuring the reliability of financial statements is maintained. Common estimates include loss allowances, net realizable values, fair values, depreciation, and warranty provisions. Estimates require revisions when circumstances or information change, but these are not considered prior period errors. Changes in estimates are recognized prospectively, affecting current or future periods as applicable. Entities must disclose the nature and impact of changes in estimates, except when future impacts are impracticable to estimate.
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