Which of the following is NOT one of the five elements of present value measurement per SFAC #7?

The five elements of present value measurement as outlined in Statement of Financial Accounting Concepts No. 7 (SFAC #7) include the estimate of future cash flows, the time value of money, and expectations about timing variations. Each of these components plays a critical role in determining the present value of future cash flows, which is essential for financial reporting and decision-making.

The estimate of future cash flows represents the amounts that an entity expects to receive or pay in the future. The time value of money reflects the principle that a dollar today is worth more than a dollar in the future due to its potential earning capacity. Expectations about timing variations take into account the uncertainty regarding when the cash flows will occur and recognizes that this uncertainty impacts their present value.

The term "present monetary value" is not one of the five recognized elements outlined in SFAC #7. While it conceptually relates to the outcome of these elements—the present value itself—it's not considered an element in the measurement process. The focus in SFAC #7 is more on the process and factors that inform the calculation of present value rather than the final value itself. Thus, recognizing "present monetary value" as a standalone element is incorrect.