DEVELOPMENT OF ACCOUNTING ESTIMATES UNDER THE ALTERED ECONOMY // BSU bulletin. Economy and Management. - 2022. №2. . - С. 11-18.

DEVELOPMENT OF ACCOUNTING ESTIMATES UNDER THE ALTERED ECONOMY

DOI: 10.18101/2304-4446-2022-2-11-18 UDK: 657.6

The article describes the procedure for recognizing estimates in accounting, stud- ies the concepts of "estimate", "accounting estimates", "fair value", "valuation reserves" and "professional judgment", as well as their impact on accounting statements. Accounting esti- mates are of great relevance for the financial and economic activities of organizations, espe- cially in crisis, when the accuracy and timeliness of information are often not available. To make effective management decisions and ensure the financial stability of the organization in the field of estimation of accounting entities, it is possible to use accounting estimates as a way to adjust the value of assets and liabilities in the current period and future periods. Therefore, we define an algorithm for recognizing accounting estimates when single-value estimate of the facts of economic life is impossible. The article discusses the characteristics of the main kinds of accounting estimates, the procedure of recording in accounting and dis- closing in reporting.

accounting estimates, estimated reserves, book value, professional judgment, accounting (financial) statements, fair value.