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Week 3 changes (1).pptx - ACCOUNTING POLICIES CHANGES IN...

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ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS MFRS 108
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Definitions Any business entity is allowed by IFRS to changes the way it recognizes, values, measures, presents and discloses its financial and non-financial events. The changes can occur due to legal and IFRS requirements, errors or to enhance the presentation of financial events to be more relevant and faithfully represented. The changes that may take place in the form of accounting policies, estimates and due to correction of errors
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Accounting policies Changes in accounting policy only occurred when: The changes are required by a standard or interpretation. The changes will result in providing reliable and more relevant information about the effects of transactions in FS. Changes in accounting policies do not include applying an accounting policy to a kind of transaction or event that did not occur previously (i.e. new type of transaction or event) or were immaterial. First time adoption of IFRS will follow the requirement under MFRS 1 unless not stated then applied MFRS 108 changes in accounting policies.
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