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IAS 8Accounting Policies, Changes in Accounting Estimates and Errors

IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors — wording before IFRS 18Applicable today

Applies to annual periods beginning before January 1, 2027.

IAS 8Chapter 3Lesson 2

In the absence of an IFRS: developing a policy by judgement

Step 1 of 8Learning objectives

Go deeper+1 deeper insight · +1 point of attention

When no IFRS addresses the transaction, management develops a policy that results in relevant and reliable information. It first consults IFRSs dealing with similar and related issues, then the definitions, recognition criteria and measurement concepts of the Conceptual Framework; it may then draw on other standard-setters, accounting literature and industry practice, provided they do not conflict with those sources.

20 minNot started

Learning objectives

  • Determine the sources to consult, in order, when no IFRS applies.
  • Justify a developed policy against the required qualities: relevance, reliability, substance, neutrality, prudence, completeness.
  • Document the reasoning and the sources used.

In this lesson

Original teaching content: it paraphrases the standard without reproducing it and does not replace the official text.

Contents — IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors

  1. 1 · Not startedObjective and scope0 / 1 lesson
  2. 2 · Not startedDefinitions: policy, estimate, error0 / 1 lesson
  3. 3 · Not startedSelecting and applying accounting policies0 / 3 lessons
  4. 4 · Not startedChanges in accounting policies0 / 5 lessons
  5. 5 · Not startedAccounting estimates and changes in them0 / 3 lessons
  6. 6 · Not startedPrior period errors0 / 2 lessons
  7. 7 · Not startedImpracticability and the prohibition of hindsight0 / 1 lesson