Objective of the standard

Learning objectives

• Explain the objective of IAS 8 (relevance, reliability and comparability of financial statements) and the three topics it deals with (policies, estimates, errors).L1

Normative references

• IAS 8 §1The objective of the standard is to enhance the relevance and reliability of an entity's financial statements, and their comparability over time and with the financial statements of other entities.
• IAS 8Disclosure requirements for accounting policies, except those for changes in accounting policies, are set out in IAS 1, not in this standard.

Original summaries of the paragraphs (reference register), never a quotation of the standard.

4 questions

• The objective of IAS 8 is limited to the relevance of financial statements: comparability over time and with other entities is not part of it.L1
• Apart from changes in accounting policies, the disclosure of an entity's accounting policies is required not by IAS 8 but by IAS 1 (wording before IFRS 18).L1
• Which qualities of financial statements does IAS 8 seek to enhance?L1
• Claudore is preparing its notes. Under the applicable text, which standard requires it to describe its accounting policies when none of them changed during the year?L1