When may an accounting policy change?

An entity changes an accounting policy only if an IFRS requires it, or if the new policy provides reliable and more relevant information. The initial application of a revaluation model under IAS 16 or IAS 38 is a change in policy dealt with as a revaluation under those standards, not under IAS 8.

In this lesson

1. 2Understand
2. 3The IFRS rule
3. 4Why?
4. 5How to apply it
5. 6Numerical example
6. 7Key points
7. 8Exercises