IAS 8 prescribes 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. When there is no specific standard that applies to a transaction, other events, or condition, IAS 8 requires that Management apply judgment. But just exactly how do you do it?

Guessing will not suffice, nor will management’s insistence on adopting a significant change. So knowing if the criteria to be applied are acceptable under IAS 8 is critical to satisfying the auditor and management to proceed with changes in accounting policies, changes in accounting estimates, and corrections of prior period errors, that do not contradict IFRS.

Course Key Concepts: IFRS, Accounting Policies, Changes in Accounting Estimates, Errors.

Learning Objectives
  • Identify and know the rules for selecting and applying accounting policies.
  • Explore and examine the guidelines for categorizing items in the financial statements.
  • Recognize and understand when can an entity change its accounting policy?
  • Identify and dealing with a change in accounting estimate.
  • Discover the accounting for prior period errors.
  • Explore how to handle transactions when there is no specific standard that applies.
  • Recognize and review disclosure requirements.
  • Identify how to be familiar with financial statement presentation.
Last updated/reviewed: March 7, 2024
3 Reviews (13 ratings)

Reviews

5
Member's Profile
Not the most exciting stuff to listen to but presented concisely and in an appropriate time frame.

4
Anonymous Author
Great course, with practical example, nice presentation

4
Anonymous Author
Presenter was thorough and course material appropriate.

Prerequisites
Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to How IAS 8 Handles Accounting Policies, Changes in Accounting Estimates and Errors2:25
  Objective and Application1:03
  Definitions7:50
  Accounting Policies5:52
  Change in Accounting Policies2:24
  Applying Changes in Accounting Policies2:52
  Limitations on Retrospective Application4:05
  Disclosures5:09
  Changes in Accounting Estimates4:40
  More Disclosures0:47
  Errors2:11
  Limitations on Retrospective Restatement3:27
  Even More Disclosures1:29
  Impracticability4:38
CONTINUOUS PLAY
  How IAS 8 Handles Accounting Policies, Changes in Accounting Estimates and Errors48:51
SUPPORTING MATERIAL
  Slides: How IAS 8 Handles Accounting Policies, Changes in Accounting Estimates and ErrorsPDF
  How IAS 8 Handles Accounting Policies, Changes in Accounting Estimates and Errors Glossary/ IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam