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Accounting policy changes arising from an agenda decision of the IFRIC (Potential Amendments to IAS 8) - IASB

Date recorded:

At its meeting on September 20, 2017, the IASB considered:

  1. whether to propose amending IAS 8 to address the timing challenge posed by agenda decisions; and
  2. what proposed threshold an entity would use to determine whether to apply retrospectively a voluntary change in an accounting policy resulting from an agenda decision. 

The Board tentatively decided not to amend IAS 8 to address the timing challenge posed by agenda decisions and explain its rationale for that tentative decision in the Basis for Conclusions on the proposed amendments.

The Board tentatively decided to propose amending IAS 8 to specify that an entity would apply retrospectively a voluntary change in an accounting policy resulting from an agenda decision, unless:

  1. determining the period-specific effects or the cumulative effect of the change would be impracticable; or
  2. the cost of determining those effects would outweigh the expected benefits to users of financial statements of applying retrospectively the new accounting policy. 

The Board will discuss due process steps at a future meeting.

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

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