IAS 8, Accounting Policies, Changes In Accounting Estimates And Errors ? A Closer Look

The objective of IAS 8 is to prescribe the criteria for selecting, applying and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and the corrections of errors. IAS 8 is intended to enhance the relevance and reliability of an entity's financial statements and the comparability of those financial statements over time and with the financial statements of other entities. The revised IAS 8 removes the option of the allowed alternative to retrospective application of voluntary changes in accounting policies and retrospective restatement to correct prior period errors and eliminates the concept of a fundamental error.

Provided by: Munich Personal Repec Archive Topic: Banking Date Added: Feb 2011 Format: PDF

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