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Accounting Policy or Accounting Estimate

This topic has 3 replies, 2 voices, and was last updated 11 years ago by MikeLittle.

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June 2, 2013 at 2:54 pm #128266
Satesh
Member
- Topics: 13
- Replies: 54
Hi
I was wondering, if the provision for warranty say 3% or 5% of sale is an accounting policy or accounting estimate?
June 2, 2013 at 3:00 pm #128268
MikeLittle
Keymaster
- Topics: 27
- Replies: 23203
Probably “estimate”
June 2, 2013 at 3:04 pm #128269
Satesh
Member
- Topics: 13
- Replies: 54
“Probably” like in IAS 37 😛
June 2, 2013 at 4:01 pm #128278
MikeLittle
Keymaster
- Topics: 27
- Replies: 23203
Yes, I suppose my “probably” could possibly be likened to the remote likelihood of virtual certainty, but I’m not sure
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