Abstract: The present article aims to highlight the manner of making accounting estimates for elements of the annual financial statements, as well as the effects of the changes in estimates, as they are stated in the Order of the Minister of Public Finance No. 1802/2014 for the approval of the Accounting regulations regarding the individual annual financial statements and consolidated annual financial statements, as subsequently amended and supplemented. As a result of the existing inherent uncertainties in the activity of an economic entity, estimates can be made to evaluate the elements of the annual financial statements. Accounting estimates are made on the basis of the most reliable recent information available to the entity, with the possibility of revision if the new circumstances require it. Estimates of allowances, doubtful debts, residual value of assets, useful life etc. can also be requested.