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Estimation and valuation in accounting

Author

Listed:
  • Cicilia IONESCU

    () (Spiru Haret University, str. Fabricii, no. 46 G, sect. 6, Bucharest)

  • Floarea GEORGESCU

    () (Spiru Haret University, str. Fabricii, no. 46 G, sect. 6, Bucharest2)

Abstract

The relationships of the enterprise with the external environment give rise to a range of informational needs. Satisfying those needs requires the production of coherent, comparable, relevant and reliable information included into the individual or consolidated financial statements. International Financial Reporting Standards IAS / IFRS aim to ensure the comparability and relevance of the accounting information, providing, among other things, details about the issue of accounting estimates and changes in accounting estimates. Valuation is a process continually used, in order to assign values to the elements that are to be recognised in the financial statements. Most of the times, the values reflected in the books are clear, they are recorded in the contracts with third parties, in the supporting documents, etc. However, the uncertainties in which a reporting entity operates determines that, sometimes, the assigned or values attributable to some items composing the financial statements be determined by use estimates.

Suggested Citation

  • Cicilia IONESCU & Floarea GEORGESCU, 2014. "Estimation and valuation in accounting," Journal of Economic Development, Environment and People, Alliance of Central-Eastern European Universities, vol. 3(1), pages 38-49, March.
  • Handle: RePEc:sph:rjedep:v:3:y:2014:i:1:p:38-49
    as

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    File URL: http://jedep.spiruharet.ro/RePEc/sph/rjedep/Rev8_5_Ionescu_Georgescu.pdf
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    References listed on IDEAS

    as
    1. Viciu Tania-Georgia & Vasile Adrian & Costea Carmen-Eugenia, 2012. "A New Appraisal Of The Relationship Between Economic Growth And The Economic Structure," Romanian Economic Business Review, Romanian-American University, vol. 6(1), pages 10-18, May.
    2. Chen, Shaohua & Ravallion, Martin, 2007. "Absolute poverty measures for the developing world, 1981-2004," Policy Research Working Paper Series 4211, The World Bank.
    3. Pavle Sicherl, 2007. "The inter-temporal aspect of well-being and societal progress," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 84(2), pages 231-247, November.
    4. Sagar, Ambuj D. & Najam, Adil, 1998. "The human development index: a critical review," Ecological Economics, Elsevier, vol. 25(3), pages 249-264, June.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    valuation; estimation; valuation basis; historical cost; fair value; change of estimation; financial statements;

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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