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Unformatted text preview: that would be required for them to keep up with. Here are some easy examples of areas for which changes in accounting estimates often are needed: 1. Uncollectible receivables 2. Useful lives of depreciable or intangible assets 3. Residual values for depreciable assets 4. Warranty obligations 5. Quantities of mineral reserves to be depleted 6. Actuarial assumptions for pensions or other postemployment benefits 7. Number of periods benefited by deferred costs (Stice, Stice, and Skousen, 2007) References: Bloom, PhD; Fuglister, DBA, Robert; Jayne (March 2006). Accounting Changes and Error Corrections. Retrieved April 23, 2009, from www.nysscpa.org/cpajournal/2006/306/essentials/p44.htm Stice, J, Stice, E, & Skousen, K (2007). Intermediate Accounting 16e. Mason: South-Western....
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