Appendix C - Examples of the Use of Estimates
This Appendix, which is illustrative and does not form part of the Standard, provides examples to illustrate application of the principle in paragraph 41 of this Standard. The purpose of the appendix is to illustrate the application of the Standard to assist in clarifying its meaning.
1 Inventories: Full stock-taking and valuation procedures may not be required for inventories at interim dates, although it may be done at financial year-end. It may be sufficient to make estimates at interim dates based on sales margins.
Editorial note: Substituted by improvements project standard IAS 2 with effect for annual periods beginning on or after 1 January 2005. If an entity applies this Standard for an earlier period, these amendments shall be applied for that earlier period. Previously "Inventories: Full stock-taking and valuation procedures may not be required for inventories at interim dates, although it may be done at financial year end. It may be sufficient to make estimates at interim dates based on sales margins. Similarly, at interim dates LIFO inventories can be estimated by using representative samples for each LIFO layer or pool and inflation indices."

2 Classifications of current and non-current assets and liabilities: Enterprises may do a more thorough investigation for classifying assets and liabilities as current or non-current at annual reporting dates than at interim dates.
3 Provisions: Determination of the appropriate amount of a provision (such as a provision for warranties, environmental costs, and site restoration costs) may be complex and often costly and time-consuming. Enterprises sometimes engage outside experts to assist in the annual calculations. Making similar estimates at interim dates often entails updating of the prior annual provision rather than the engaging of outside experts to do a new calculation.
4 Pensions: IAS 19, Employee Benefits, requires that an enterprise determine the present value of defined benefit obligations and the market value of plan assets at each balance sheet date and encourages an enterprise to involve a professionally qualified actuary in measurement of the obligations. For interim reporting purposes, reliable measurement is often obtainable by extrapolation of the latest actuarial valuation.

5 Income taxes: Enterprises may calculate income tax expense and deferred income tax liability at annual dates by applying the tax rate for each individual jurisdiction to measures of income for each jurisdiction. Paragraph 14 of Appendix B acknowledges that while that degree of precision is desirable at interim reporting dates as well, it may not be achievable in all cases, and a weighted average of rates across jurisdictions or across categories of income is used if it is a reasonable approximation of the effect of using more specific rates.
6 Contingencies: The measurement of contingencies may involve the opinions of legal experts or other advisers. Formal reports from independent experts are sometimes obtained with respect to contingencies. Such opinions about litigation, claims, assessments, and other contingencies and uncertainties may or may not also be needed at interim dates.

7 Revaluations and fair value accounting: IAS 16 Property, Plant and Equipment allows an entity to choose as its accounting policy the revaluation model whereby items of property, plant and equipment are revalued to fair value. Similarly, IAS 40 Investment Property requires an entity to determine the fair value of investment property. For those measurements, an entity may rely on professionally qualified valuers at annual reporting dates though not at interim reporting dates.
Editorial note: Substituted by improvements project standard IAS 16 with effect for annual periods beginning on or after 1 January 2005. If an entity applies this Standard for an earlier period, these amendments shall be applied for that earlier period. Previously "Revaluations and fair value accounting: IAS 16, Property, Plant and Equipment, allows as an alternative treatment the revaluation of property, plant, and equipment to fair value. Similarly, IAS 40, Investment Property, requires an enterprise to determine the fair value of investment property. For those measurements, an enterprise may rely on professionally qualified valuers at annual reporting dates though not at interim reporting dates."

8 Intercompany reconciliations: Some intercompany balances that are reconciled on a detailed level in preparing consolidated financial statements at financial year end might be reconciled at a less detailed level in preparing consolidated financial statements at an interim date.
9 Specialised industries: Because of complexity, costliness, and time, interim period measurements in specialised industries might be less precise than at financial year end. An example would be calculation of insurance reserves by insurance companies.

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