At its meeting on September 20-22, 2016, the IASB tentatively decided to change the draft amendments discussed in April 2016 to: (i) remove the threshold for changes in estimation techniques and in valuation techniques; (ii) add "practices" to the amended definition of accounting policies; and (iii) add guidance about changes in the cost formulas that paragraphs 25–27 of IAS 2 Inventories specify an entity should use in determining the cost of interchangeable inventories.

The IASB also tentatively decided to require prospective application of the proposed amendments.  Thus, the proposed amendments would apply to all and only those changes in accounting policies and accounting estimates that occur on or after the beginning of the first annual reporting period when the amendments become effective.

The IASB instructed the staff to begin the balloting process for issuing an Exposure Draft of amendments to IAS 8. The Board expects to publish the Exposure Draft in the first quarter of 2017.

Review the IASB Update on the IASB's Web site.