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Learning Objectives LO1 Understand the traditional approach to dealing with accounting uncertainty and going concern. LO2 Describe the main concepts of.

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Presentation on theme: "Learning Objectives LO1 Understand the traditional approach to dealing with accounting uncertainty and going concern. LO2 Describe the main concepts of."— Presentation transcript:

1 Learning Objectives LO1 Understand the traditional approach to dealing with accounting uncertainty and going concern. LO2 Describe the main concepts of CAS 540 and its relevance for financial reporting. LO3 Demonstrate an ability to apply CAS 540 in a qualitative way. LO4 Explain the problems with existing standards.

2 AuG-41 (CICA Audit Guideline 41)
AuG-41 deals with what is meant by a reasonable estimate and also defines what a misstatement is relative to an estimate. A “reasonable” estimate has been defined as anything within the reasonable range. Misstatements are defined as the difference between management’s point estimate and the nearest point of the reasonable range LO3

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