PAS 8 provides the guidelines 7
iEcocrahiy pelcas Ae, str Specie, pepe el caveman ee
applied by an entity in preparing and Teta eg boarical laterrent Tules and racic
f there is no available standard which covers'a set of transaction, ve
rnanagement may use its judgement in developing and applying an HONS, OF events, th,
sroduces relevant and reliable information. accounting poy tha
Shanges in Accounting Policies shall be accounted for through retr i :
An entity shall select and apply its accounting policies conetitenty ose
inless an IFRS specifically requires or permits categorization of items for Gs
solicies may be appropriate. Which differen,
When it is difficult to distinguish. a change in an accounting policy from a chan
counting estimate, the change is treated as a change in accounting policy. oe
‘example of a change in accounting policy is an application of anew accounting policy
ransactions, other evehtts or conditions that differ in substance from those pein
yccurring.
(change in accounting policies is an adj
ability, or-the amount of the periodic
‘esessment of the periodic consumption o|
wresent status of, and expected future ben
‘ustment of the carrying amount of an asset or a
consumption of an asset, ‘that results from the
fan asset, that results from the assessmentofthe
efits and obligations associated with, assets and
abilities. ;
temational Financial Reporting Standards includes Standards Interpretation Committee
SIC) interpretations and International Financial Reporting Interpretations Committee (IFRIC)
nterpretations.
‘rior period errors
nisstate financial statements.
\n entity can change its accounting pol
FRS.
An entity shall accou!
of an IFRS retrospectively.
A change in the measurement basis is app!
includes mathematical mistakes, omissions, and intentional fraud to
licies if, and only if, such change is required by another
nt for a change in accounting policy resulting from the tial application
n accounting policy ands not
lied as a change ina
a change in accounting estimate.
The correction of a prior period error shall be presented in the profit or loss in the period the
error was discovered and corrected. i
The corrections of an error shall be applied prospectively from the period it was discovered
and future periods affected.