HYPERION ECONOMIC JOURNAL

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• Ioana CIURDAS, Phd, Affiliation: "Babes-Bolyai" University, Cluj-Napoca, Romania;

In a context that is becoming more and more crowded with information, but at the same time more and more defined by uncertainty, making an accounting estimate could be a complex and challenging task for the management. Considering also the demands and pressures for the companies (financial reporting, achieving certain financial results, reporting performance in terms of ESG - Environment, Social, Governance etc), there is a greater risk of subjectivity through accounting estimates. Our objective is to provide an overview on accounting estimates, the ongoing attempts of standard setters to cope with current challenges, with a focus on fair value measurement, one of the most challenging accounting estimates. We have provided a review of specific standards as well as a brief literature review focusing on the impact of accounting estimates on auditing items subject to risk of material misstatement.

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