ACCA Strategic Business Reporting (UK) Exam Study Guide
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Module
ACCA
Institution
ACCA
ACCA Strategic Business Reporting (UK)
Exam Study Guide
The code of ethics and conduct - ANSWER• Integrity
• Objectivity
• Professional Competence and Due Care
• Confidentiality
• Professional behaviour
Consequences of unethical behaviour - ANSWERThe consequences for individuals in...
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Changes in accounting policy -
ANSWER✔✔An entity should only change its accounting policies if required by a standard, or if it results
in more reliable and relevant information
New accounting standards normally include transitional arrangements on how to deal with any resulting
changes in accounting policy
If there are no transitional arrangements, changes in accounting policy should be applied retrospectively.
The entity adjusts the opening balance of each affected component of equity, and the comparative
figures are presented as if the new policy had always been applied
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Changes in accounting estimates -
ANSWER✔✔A change in an accounting estimate is not a change in accounting policy
According to IAS 8, a change in accounting estimate must be recognised prospectively by including it in
the statement of profit or loss and other comprehensive income for the current period and any future
periods that are also affected
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