Summary
Summary Accounting Policies IAS 8
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Summary of accounting for changes in estimates, errors and changes in policies.
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Accounting policies are defined as the specificAccounting principles, bases, conventions, rules and practices
applied by an entity in preparing and presenting
Policies and financial statements
Changes in Selection and Application of acc policies
Apply IFRS where applicable unless immaterial
Estimates
Choice of acc policy must result in info that is:
Relevant
Reliable
Faithful Presentation
Hierarchy for developing acc policies
IFRS
Def, RC, Measurement FW
Most recent pronouncements of other standard setting bodies
Other acc literature
Industry standards
Consistency
Policies should be similar for similar events, conditions and transactions
Policies should remain consistent year to year
Change in Estimate
Recognised prospectively affecting current and future periods
Does not change the past
Disclosure
State what happened, state effect on profit before tax, if future amt cannot be
disclosed state too
Prior Period Errors
Relating to current period – Correct before authorisation
Relating to previous periods
Correct retrospectively in comparative figures
Restate line items if occurred last year
If occurred years prior to last opening balances must be restated
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