09_Qualitative_Characteristics_%26_Estimation

09_Qualitative_Characteristics_%26_Estimation - 09...

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Click to edit Master subtitle style 6/5/11 Qualitative Characteristics & Estimation in Accountancy 301 Professor Clifton Brown 09 September 22, 2010
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6/5/11 Estimation in measurement In many instances, we can not directly observe the relevant attributes of the phenomenon of interest Thus, the accountant must use estimation to measure such attributes
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6/5/11 The concept of estimation Estimation Approxi mate calculati on Statisti cal proced ure Opinio n or judgme nt
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6/5/11 FASB qualitative l Measurement Theory &
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6/5/11 Measurement theory Consisten cy Efficien cy Bias Quality of Estimators Bias – systematic miss-estimation of the phenomenon/attribute of interest Efficiency – the extent of variation in the phenomenon captured by the estimator Consistency – the extent to which the estimator’s estimates converge to the true (population)
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6/5/11 Phenomenon of interest – the “correct” time in Chicago We simultaneously ask 100 people in New York City to tell us the time
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This note was uploaded on 06/05/2011 for the course ACCT 301 taught by Professor Yueli during the Spring '10 term at University of Illinois, Urbana Champaign.

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09_Qualitative_Characteristics_%26_Estimation - 09...

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