For the purposes of this Auditing Standard, the following terms have the meanings attributed below:
Accounting estimate – A monetary amount for which the measurement, in accordance with the requirements of the applicable financial reporting framework, is subject to estimation uncertainty. (Ref: Para. A14)
Management’s point estimate – The amount selected by management for recognition or disclosure in the financial report as an accounting estimate.
Outcome of an accounting estimate – The actual monetary amount that results from the resolution of the transaction(s), event(s) or condition(s) addressed by an accounting estimate. (Ref: Para. A18)