Disclosure Initiative - Changes in accounting policies and estimates – International Accounting Standards Board

Date recorded:

At its meeting on December 11-12, 2019, the IASB met to discuss implementation issues. The Board tentatively decided to:

  1. require entities to apply the amendments only to changes in accounting policies and changes in accounting estimates that occur on or after the start of the first annual period in which the entity applies the amendments;
  2. not include the last two sentences of proposed paragraph 54F(b) of the Exposure Draft;
  3. require entities to apply the amendments to annual periods beginning on or after January 1, 2022, with earlier application permitted; and
  4. not add a requirement for entities to disclose the fact that they have applied the amendments for an earlier period.

All of the Board members confirmed they were satisfied the Board has complied with the applicable due process requirements and has undertaken sufficient consultation and analysis to begin the balloting process for the amendments to IAS 8. No Board members indicated they intend to dissent from the issuance of the amendments to IAS 8. The Board plans to issue the amendments in the second quarter of 2020.

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

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.