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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: June 18, 2021

1 Review (6 ratings)Reviews

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

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 .
Course Syllabus
INTRODUCTION AND OVERVIEW
  2:25Introduction to How IAS 8 Handles Accounting Policies, Changes in Accounting Estimates and Errors
  1:03Objective and Application
  7:50Definitions
  5:52Accounting Policies
  2:24Change in Accounting Policies
  2:52Applying Changes in Accounting Policies
  4:05Limitations on Retrospective Application
  5:09Disclosures
  4:40Changes in Accounting Estimates
  0:47More Disclosures
  2:11Errors
  3:27Limitations on Retrospective Restatement
  1:29Even More Disclosures
  4:38Impracticability
CONTINUOUS PLAY
  48:51How IAS 8 Handles Accounting Policies, Changes in Accounting Estimates and Errors
SUPPORTING MATERIAL
  PDFSlides: How IAS 8 Handles Accounting Policies, Changes in Accounting Estimates and Errors
  PDFHow IAS 8 Handles Accounting Policies, Changes in Accounting Estimates and Errors Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM