• Identify where judgments in the financial statements should be disclosed.
• Identify two examples of judgments that could have a significant impact on the financial statements.
• Identify four examples of estimation uncertainty that could result in a material adjustment in future years?
• Describe whether the entity should disclose the estimation if it is likely that this value might change significantly within the next year. (Consider an entity that reports an asset at fair value when the fair value is based upon recently observed market prices