Current understanding gives example (5)
I believe the answer is:
ideal
'example' is the definition.
(example can mean an ideal or model)
'current understanding' is the wordplay.
'current' becomes 'I' (symbol for electric current).
'understanding' becomes 'deal' (deal is a kind of understanding).
'i'+'deal'='IDEAL'
'gives' acts as a link.
(Other definitions for ideal that I've seen before include "Ultimate standard of perfection" , "Just the ticket" , "fine" , "Model of ethical behaviour" , "principle to be aimed at" .)