SIC 18 Consistency – Alternative Methods
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References
- IAS 1, Presentation of Financial Statements
History
- Issued January 2000.
- Effective date: Annual financial periods beginning on or after 1 July 2000.
- Superseded by IAS 8 (Revised 2003) effective for annual financial reporting periods beginning 1 January 2005.
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| SUMMARY OF SIC 18 |
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Under SIC 18, if more than one accounting policy is available under an International Accounting Standard or Interpretation, an enterprise should choose and apply consistently one of those policies unless the Standard or Interpretation specifically requires or permits categorisation of items (transactions, events, balances, or amounts) for which different policies may be appropriate. If a Standard requires or permits categorisation of items, the most appropriate accounting policy should be selected and applied consistently to each category. Additional guidance on the application of the Interpretation to specific choices available under IAS is provided in an appendix to SIC 18.
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