The IASB has issued Guide to Selecting and Applying Accounting Policies – IAS 8. The stated objective, just as the title suggests, is to explain how to apply the IAS 8 requirements for selecting and applying accounting policies for transactions, other events and conditions, using material and examples that have been discussed by the IASB…
A European example of lack of clarity in disclosing corrections of accounting errors As part of its activities, the European Securities and Markets Authority (ESMA) organizes a forum of enforcers from 30 different European jurisdictions, all of whom carry out monitoring and review programs similar to those carried out here by the Canadian Securities Administrators.…
The IASB has issued Accounting Policy Changes, an exposure draft of proposed changes to IAS 8, with comments to be received by July 27, 2018. The exposure draft proposes adding the following new definition to IAS 8: An agenda decision is a decision published by the IFRS Interpretations Committee explaining its rationale for not adding…
We looked briefly last April at the IASB’s Principles of Disclosure discussion paper, for which the comment period closed in October…. Although accounting policy disclosures aren’t usually among the most decision-critical aspects of any particular set of financial statements, they often contribute very disproportionately to their overall volume. My anecdotal impression is that many larger…
As we addressed here, the IASB has published for public consultation proposed narrow-scope amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, open for comment until January 15, 2018. As the comment period has recently closed, we’ll continue to look at some of the responses. You’ll recall that IAS 8 in its current form…
As we addressed here, the IASB published for public consultation proposed narrow-scope amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, open for comment until January 15, 2018. As the comment period has recently closed, we’ll take a look at some of the responses. First, to recap, IAS 8 in its current form defines…
The IASB has published for public consultation proposed narrow-scope amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, open for comment until January 15, 2018. The purpose of the proposed amendments is to help companies distinguish accounting policies from accounting estimates. The accompanying press release says: “The distinction is important because changes in accounting…
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