Get Up to Date with How IFRS Handles Accounting Policies, Changes in Accounting Estimates, and Errors

IAS 8 (updated) prescribes the restructured criteria for selecting and changing accounting policies, together with the current accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates, and corrections of errors. When there is no specific standard that applies to a transaction, other event or condition, Management is required to apply judgment. But just exactly how do you do it? Guessing will not suffice, nor will management’s insistence on adopting a significant change. So…knowing if the criteria to be applied are acceptable under recent IAS 8 is critical to satisfying the auditor and management to proceed with changes in accounting policies, changes in accounting estimates and corrections of prior period errors, that do not contradict IFRS. Course Key Concept: IFRS, Accounting policies, Prior period, Change in accounting estimate, Accounting error.