Educational Material on Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors
Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors : Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors is applied in selecting and applying accounting policies, accounting for changes in estimates and reflecting corrections of prior period errors. The standard requires compliance with any specific IFRS applying to a transaction, event or condition, and provides guidance on developing accounting policies for other items that result in relevant and reliable information. Changes in accounting policies and corrections of errors are generally retrospectively accounted for, whereas changes in accounting estimates are generally accounted for on a prospective basis.
Ind AS 8 was reissued in December 2005 and applies to annual periods beginning on or after 1 January 2005.
| October 1976 | Exposure Draft E8 The Treatment in the Income Statement of Unusual Items and Changes in Accounting Estimates and Accounting Policies |
| February 1978 | Ind AS 8 Unusual and Prior Period Items and Changes in Accounting Policies |
| July 1992 | Exposure Draft E46 Extraordinary Items, Fundamental Errors and Changes in Accounting Policies |
| December 1993 | Ind AS 8 (1993) Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies (revised as part of the ‘Comparability of Financial Statements’ project) |
| 1 January 1995 | Effective date of Ind AS 8 (1993) |
| 18 December 2003 | Revised version of Ind AS 8 issued by the IASB |
| 1 January 2005 | Effective date of Ind AS 8 (2003) |
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Educational Material on Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors
Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors : Accounting policies are the specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements. A change in accounting estimate is an adjustment of the carrying amount of an asset or a liability, or the amount of the periodic consumption of an asset, that results from the assessment of the present status of, and expected future benefits and obligations associated with, assets and liabilities. Changes in accounting estimates result from new information or new develop.
Objective
1 The objective of this Standard is to prescribe the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and corrections of errors. The Standard is intended to enhance the relevance and reliability of an entity’s financial statements, and the comparability of those financial statements over time and with the financial statements of other entities.
2 Disclosure requirements for accounting policies, except those for changes in accounting policies, are set out in Ind AS 1 Presentation of Financial Statements.
Scope
1 This Standard shall be applied in selecting and applying accounting policies, and accounting for changes in accounting policies, changes in accounting estimates and corrections of prior period errors.
2 The tax effects of corrections of prior period errors and of retrospective adjustments made to apply changes in accounting policies are accounted for and disclosed in accordance with Ind AS 12 Income Taxes.
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Educational Material on Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors
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Educational Material on Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors
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