IAS8 IG 1-12.pdf - IAS 8 IG International Accounting...

IAS 8 IG
© IFRS Foundation
International Accounting Standard IAS 8
Accounting Policies, Changes in Accounting
Estimates and Errors
January 2012
(incorporating amendments from IFRSs issued up to 31 December 2011,
including those with an effective date after 1 January 2012)
I
MPLEMENTATION
G
UIDANCE
International Financial Reporting Standards together with their accompanying documents are issued by the
IFRS Foundation.
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IAS 8 IG
B1070
©
IFRS Foundation
Guidance on implementing
IAS 8 Accounting Policies, Changes in Accounting Estimates
and Errors
This guidance accompanies, but is not part of, IAS 8.
Example 1 – Retrospective restatement of errors
1.1 During 20X2, Beta Co discovered that some products that had been sold during
20X1 were incorrectly included in inventory at 31 December 20X1 at CU6,500.
5
1.2 Beta’s accounting records for 20X2 show sales of CU104,000, cost of goods sold of
CU86,500 (including CU6,500 for the error in opening inventory), and income
taxes of CU5,250.