100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Summary Accounting Policies IAS 8 R50,00   Add to cart

Summary

Summary Accounting Policies IAS 8

 101 views  0 purchase

Summary of accounting for changes in estimates, errors and changes in policies.

Preview 1 out of 2  pages

  • February 9, 2018
  • 2
  • 2016/2017
  • Summary
All documents for this subject (83)
avatar-seller
sjg2797
Accounting policies are defined as the specific
Accounting 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
Disclosure

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying this summary from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller sjg2797. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for R50,00. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67866 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 14 years now

Start selling
R50,00
  • (0)
  Buy now