The financial reporting framework for small and medium enterprises (SMEs) over the past few years have seen more frequent use of estimations used in measurement & recognition, be it for financial assets, financial liabilities, non-financial assets as well as impairment of assets. As more items in financial reporting is measured and derived in this way, it is imperative for audit practitioners; especially small & medium practitioners (SMP) to be familiar with the accounting treatment of estimates and impairment as well the audit approach when performing the audit of such items.
