IAS 8Workpapers (Step 4 of 5)

Workpaper template

Step 4 of 5

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

Applies to annual periods beginning before January 1, 2027.

WorkpaperIAS 8 — Accounting Policies, Changes in Accounting Estimates and ErrorsL2 · L3 · L4

IAS 8 disclosure checklist

3 missions8 sections to document30 min

Prepared by: AI-assisted draft
Reviewed by: Not reviewed — human review required
Status: Published

Objective of the workpaper

Using the draft notes and the restatement and change-in-estimate schedules, check point by point the disclosures on changes in accounting policies (initial application, voluntary change, IFRSs issued but not yet applied), on changes in estimates and on error corrections; carry over the amounts to be disclosed and record the findings.

8 sections · 15 blocks · 1 calculation · 0 entries

IAS 8
IAS 8 §29
IAS 8 §30
IAS 8 §39
IAS 8 §40
IAS 8 §49

Work this workpaper as a mission

Each case that uses this template opens in the mission workspace: data, analysis, calculation, entries, conclusion and review, with your progress saved.

3 instances from the cases: the calculations and entries below are run by the calculation engine.

File and entity

Provision omitted and discovered the following year: restatement of comparatives and tax effect

Case task documented here

What should be disclosed in the notes?

Inputs

Draft notes reviewed
TextRequired
NOTE_ON_WARRANTY_PROVISION_CORRECTION
Changes in policies and estimates and error corrections of the period
TextRequired
PRIOR_PERIOD_ERROR_WARRANTY_PROVISION
IFRSs issued but not yet effective and not applied
Text
Amount of the adjustment at the beginning of the earliest period presented
Number
60,000
Amount carried over from the restatement schedule (“Retrospective restatement schedule”).
Adjustment of a line item of the comparative period
Number
48,000
Revised charge of the period
Number
Amounts carried over from the prospective calculation (“Change in estimate: prospective calculation”).
Charge under the previous estimate
Number

Supporting evidence

Evidence

Evidence obtained and referenced (category, document reference)
EvidenceRequired

Effect of a change in estimate on a period

Calculations

IAS 8 §39

Effect to disclose (revised charge − previous charge)
Calculation
0
Revised charge of the period ; − Charge under the previous estimate

Changes in accounting policies

Disclosure

IAS 8IAS 8 §29IAS 8 §30

Points reviewed
ChecklistRequired
- Initial application: title of the IFRS
- Transitional provisions followed and their description
- Nature of the change
- Voluntary change: reasons why the information is more relevant
- Adjustment for each line item, current period and prior periods presented
- Effect on earnings per share where IAS 33 applies
- Periods before those presented and impracticability
- IFRS issued but not yet applied: statement and possible impact

Changes in estimates

Disclosure

IAS 8 §39IAS 8 §40

Points reviewed
ChecklistRequired
- Nature and amount of the effect on the period
- Expected effect on future periods
- Statement if the future effect cannot be estimated

Corrections of prior period errors

Disclosure

IAS 8 §49

Points reviewed
ChecklistRequired
- Nature of the error
- Correction for each line item for each prior period presented
- Correction of earnings per share where IAS 33 applies
- Correction at the beginning of the earliest period presented
- Circumstances where restatement is impracticable
- Not repeated in later statements

Conclusion

Findings and corrections requested
TextRequired
EPS_NOT_APPLICABLE_UNLISTED_ENTITY
Completed checklist and conclusion
ConclusionRequired

Normative references

References

Normative references
References

Checks and financial statement impact

Draft notes reviewedPass

Assets: 0
Liabilities: 0
Profit or loss: 0
OCI: 0
Equity: 0

File and entity

Voluntary change in the inventory cost formula: justification, restatement and disclosures

Case tasks documented here

What information is missing to complete the note?
What must be disclosed about this voluntary change?

Inputs

Draft notes reviewed
TextRequired
NOTE_ON_CHANGE_TO_FIFO
Changes in policies and estimates and error corrections of the period
TextRequired
VOLUNTARY_CHANGE_OF_COST_FORMULA
IFRSs issued but not yet effective and not applied
Text
Amount of the adjustment at the beginning of the earliest period presented
Number
13,875
Amount carried over from the restatement schedule (“Retrospective restatement schedule”).
Adjustment of a line item of the comparative period
Number
9,940
Revised charge of the period
Number
Amounts carried over from the prospective calculation (“Change in estimate: prospective calculation”).
Charge under the previous estimate
Number

Supporting evidence

Evidence

Evidence obtained and referenced (category, document reference)
EvidenceRequired

Effect of a change in estimate on a period

Calculations

IAS 8 §39

Effect to disclose (revised charge − previous charge)
Calculation
0
Revised charge of the period ; − Charge under the previous estimate

Changes in accounting policies

Disclosure

IAS 8IAS 8 §29IAS 8 §30

Points reviewed
ChecklistRequired
- Initial application: title of the IFRS
- Transitional provisions followed and their description
- Nature of the change
- Voluntary change: reasons why the information is more relevant
- Adjustment for each line item, current period and prior periods presented
- Effect on earnings per share where IAS 33 applies
- Periods before those presented and impracticability
- IFRS issued but not yet applied: statement and possible impact

Changes in estimates

Disclosure

IAS 8 §39IAS 8 §40

Points reviewed
ChecklistRequired
- Nature and amount of the effect on the period
- Expected effect on future periods
- Statement if the future effect cannot be estimated

Corrections of prior period errors

Disclosure

IAS 8 §49

Points reviewed
ChecklistRequired
- Nature of the error
- Correction for each line item for each prior period presented
- Correction of earnings per share where IAS 33 applies
- Correction at the beginning of the earliest period presented
- Circumstances where restatement is impracticable
- Not repeated in later statements

Conclusion

Findings and corrections requested
TextRequired
EARNINGS_PER_SHARE_EFFECT_MISSING
Completed checklist and conclusion
ConclusionRequired

Normative references

References

Normative references
References

Checks and financial statement impact

Draft notes reviewedPass

Assets: 0
Liabilities: 0
Profit or loss: 0
OCI: 0
Equity: 0

File and entity

Review file of accounting changes and restatements of a retail group

Case task documented here

Prepare the IAS 8 disclosures and record the findings on the draft notes.

Inputs

Draft notes reviewed
TextRequired
DRAFT_CONSOLIDATED_NOTES_20X5
Changes in policies and estimates and error corrections of the period
TextRequired
ERROR_POLICY_CHANGES_ESTIMATE_NEW_IFRS
IFRSs issued but not yet effective and not applied
Text
STANDARD_X_EFFECTIVE_20X7
Amount of the adjustment at the beginning of the earliest period presented
Number
102,300
Amount carried over from the restatement schedule (“Retrospective restatement schedule”).
Adjustment of a line item of the comparative period
Number
80,000
Revised charge of the period
Number
120,000
Amounts carried over from the prospective calculation (“Change in estimate: prospective calculation”).
Charge under the previous estimate
Number
90,000

Supporting evidence

Evidence

Evidence obtained and referenced (category, document reference)
EvidenceRequired

Effect of a change in estimate on a period

Calculations

IAS 8 §39

Effect to disclose (revised charge − previous charge)
Calculation
30,000
Revised charge of the period ; − Charge under the previous estimate

Changes in accounting policies

Disclosure

IAS 8IAS 8 §29IAS 8 §30

Points reviewed
ChecklistRequired
- Initial application: title of the IFRS
- Transitional provisions followed and their description
- Nature of the change
- Voluntary change: reasons why the information is more relevant
- Adjustment for each line item, current period and prior periods presented
- Effect on earnings per share where IAS 33 applies
- Periods before those presented and impracticability
- IFRS issued but not yet applied: statement and possible impact

Changes in estimates

Disclosure

IAS 8 §39IAS 8 §40

Points reviewed
ChecklistRequired
- Nature and amount of the effect on the period
- Expected effect on future periods
- Statement if the future effect cannot be estimated

Corrections of prior period errors

Disclosure

IAS 8 §49

Points reviewed
ChecklistRequired
- Nature of the error
- Correction for each line item for each prior period presented
- Correction of earnings per share where IAS 33 applies
- Correction at the beginning of the earliest period presented
- Circumstances where restatement is impracticable
- Not repeated in later statements

Conclusion

Findings and corrections requested
TextRequired
STANDARD_X_AND_JARDIN_IMPRACTICABILITY_MISSING_IN_DRAFT
Completed checklist and conclusion
ConclusionRequired

Normative references

References

Normative references
References

Checks and financial statement impact

Draft notes reviewedPass

Assets: 0
Liabilities: 0
Profit or loss: 0
OCI: 0
Equity: 0

Inputs

Draft notes reviewed
TextRequired
Changes in policies and estimates and error corrections of the period
TextRequired
IFRSs issued but not yet effective and not applied
Text
Amount of the adjustment at the beginning of the earliest period presented
Number
Amount carried over from the restatement schedule (“Retrospective restatement schedule”).
Adjustment of a line item of the comparative period
Number
Revised charge of the period
Number
Amounts carried over from the prospective calculation (“Change in estimate: prospective calculation”).
Charge under the previous estimate
Number

Supporting evidence

Evidence

Evidence obtained and referenced (category, document reference)
EvidenceRequired

Effect of a change in estimate on a period

Calculations

IAS 8 §39

Effect to disclose (revised charge − previous charge)
Calculation
Revised charge of the period ; − Charge under the previous estimate

Changes in accounting policies

Disclosure

IAS 8IAS 8 §29IAS 8 §30

Points reviewed
ChecklistRequired
- Initial application: title of the IFRS
- Transitional provisions followed and their description
- Nature of the change
- Voluntary change: reasons why the information is more relevant
- Adjustment for each line item, current period and prior periods presented
- Effect on earnings per share where IAS 33 applies
- Periods before those presented and impracticability
- IFRS issued but not yet applied: statement and possible impact

Changes in estimates

Disclosure

IAS 8 §39IAS 8 §40

Points reviewed
ChecklistRequired
- Nature and amount of the effect on the period
- Expected effect on future periods
- Statement if the future effect cannot be estimated

Corrections of prior period errors

Disclosure

IAS 8 §49

Points reviewed
ChecklistRequired
- Nature of the error
- Correction for each line item for each prior period presented
- Correction of earnings per share where IAS 33 applies
- Correction at the beginning of the earliest period presented
- Circumstances where restatement is impracticable
- Not repeated in later statements

Conclusion

Findings and corrections requested
TextRequired
Completed checklist and conclusion
ConclusionRequired

Normative references

References

Normative references
References