CERTYNEX IFRS ACADEMY

Notine cannot determine the period-specific effects of a change in policy for the comparative period. What does IAS 8 require?

Apply the new policy retrospectively, estimating the amounts with information available today.

Recognise the estimated effect of the change in current period profit.

Give up the change in policy until the data become available.

Apply the new policy to carrying amounts at the beginning of the earliest period for which this is practicable, and adjust opening equity of that period.