IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

International Accounting Standard 8

Overview of IAS 8

  • Issued: in 1978; re-issued in 1993 and 2003, followed by amendments
  • Effective date: 1 January 2005
  • What it does:
    • It prescribes the criteria for selecting and changing accounting policy ;
    • It explains a change in accounting estimate, how to recognize the effect of such a change in the financial statements and what to disclose;
    • It provides the rules on how to correct errors made in the prior period financial statements
    • It discusses impracticability in respect of retrospective application and retrospective restatement.

Articles about IAS 8

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