Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8)
The International Accounting Standards Board has issued an amendment to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors in order to more clearly define an accounting estimate and assist users in distinguishing between a change in accounting policy and a change in accounting estimate.
Amendments were also made to the Basis for Conclusions to expand on the Board’s reasoning behind these amendments; the Guidance on implementing IAS 8 was also amended to include examples illustrating the application of the definition of accounting estimates.
See attached for a more detailed analysis of the changes.
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