SAS 57 lists all of the following objectives in evaluating accounting estimates except: A) the accounting estimates follow standard industry practices. B) all accounting estimates that could be material to the financial statements have been developed. C) the accounting estimates are reasonable in the circumstances. D) the accounting estimates are presented in conformity with applicable accounting principles. E) the accounting estimates are properly disclosed.

Question

Quizplus · Accepted Answer

SAS 57 focuses on ensuring that accounting estimates are reasonable, developed for all material aspects, presented in conformity with applicable accounting principles, and properly disclosed. It does not specifically require that estimates follow standard industry practices.

SAS 57 Lists All of the Following Objectives in Evaluating