Reasonable Estimation definition

Reasonable Estimation means any method of estimation that is calculated to lead to the discovery of escheatable property to [STATE] and is performed in accordance with the American Institute of CPAs (AICPA) Statements on Auditing Standards (SAS) No. 39, including, but not limited to, statistical and non- statistical sampling based on periods of time and transactions as bases. If the administrator deviates from the standards provided for in SAS No. 39, the administrator has the burden of demonstrating the reasonableness of the method chosen to estimate reportable property.
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Examples of Reasonable Estimation in a sentence

  • In accordance with SFAS No. 5, "Accounting for Contingencies", as interpreted by the FASB Interpretation No. 14, "Reasonable Estimation of the Amount of a Loss", if the Company has determined that the reasonable estimate of the loss is a range and there is no best estimate within the range, the Company will provide the lower amount of the range.

  • ITT accounts for environmental costs in accordance with FASB Statement No. 5, "Accounting for Contingencies", AICPA Statement of Position 96-1, "Environmental Remediation Liabilities," and FASB Interpretation No. 14, "Reasonable Estimation of the Amount of a Loss." Accruing Environmental Liabilities Environmental liabilities are accrued by a charge to income when an expense or loss is probable (i.e., likely to occur) and the amount of loss can be reasonably estimated.