IAS 8Chapter 1Lesson 1
IAS 8 objective and scope: policies, estimates, errors
Step 1 of 9Learning objectives
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IAS 8 aims at financial statements that are relevant, reliable and comparable over time and between entities. It deals with three subjects: selecting and applying accounting policies, changes in policies and in estimates, and correcting prior period errors. The tax effects of retrospective adjustments follow IAS 12.
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Learning objectives
- Explain the objective of IAS 8: relevance, reliability and comparability.
- Recognise the situations that fall under IAS 8 and those that fall under another standard.
- Calculate the tax effect of a retrospective adjustment and the net amount charged to opening equity.