IAS08_06 - IAS 8 International Accounting Standard 8...

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IAS 8 © IASCF 785 International Accounting Standard 8 Accounting Policies, Changes in Accounting Estimates and Errors This version includes amendments resulting from new and amended IFRSs issued up to 31 December 2005.
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IAS 8 786 © IASCF C ONTENTS paragraphs INTRODUCTION IN1–IN18 INTERNATIONAL ACCOUNTING STANDARD 8 ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS OBJECTIVE 1–2 SCOPE 3–4 DEFINITIONS 5–6 ACCOUNTING POLICIES 7–31 Selection and application of accounting policies 7–12 Consistency of accounting policies 13 Changes in accounting policies 14–31 Applying changes in accounting policies 19–27 Retrospective application 22 Limitations on retrospective application 23–27 Disclosure 28–31 CHANGES IN ACCOUNTING ESTIMATES 32–40 Disclosure 39–40 ERRORS 41–49 Limitations on retrospective restatement 43–48 Disclosure of prior period errors 49 IMPRACTICABILITY IN RESPECT OF RETROSPECTIVE APPLICATION AND RETROSPECTIVE RESTATEMENT 50–53 EFFECTIVE DATE 54 WITHDRAWAL OF OTHER PRONOUNCEMENTS 55–56 APPENDIX Amendments to other pronouncements APPROVAL OF IAS 8 BY THE BOARD BASIS FOR CONCLUSIONS IMPLEMENTATION GUIDANCE
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IAS 8 © IASCF 787 International Accounting Standard 8 Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8) is set out in paragraphs 1–56 and the Appendix. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS8 should be read in the context of its objective and the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements .
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IAS 8 788 © IASCF Introduction IN1 International Accounting Standard 8 Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8) replaces IAS 8 Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies (revised in 1993) and should be applied for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. The Standard also replaces the following Interpretations: •S I C - 2 Consistency—Capitalisation of Borrowing Costs I C - 1 8 Consistency—Alternative Methods . Reasons for revising IAS 8 IN2 The International Accounting Standards Board developed this revised IAS 8 as part of its project on Improvements to International Accounting Standards. The project was undertaken in the light of queries and criticisms raised in relation to the Standards by securities regulators, professional accountants and other interested parties. The objectives of the project were to reduce or eliminate alternatives, redundancies and conflicts within the Standards, to deal with some convergence issues and to make other improvements.
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This note was uploaded on 06/12/2011 for the course ECON 801 taught by Professor Brend during the Summer '11 term at Abu Dhabi University.

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IAS08_06 - IAS 8 International Accounting Standard 8...

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