Accounting policy changes (Potential Amendments to IAS 8) [Completed]

Next steps:

At its meeting on June 23-25, 2020, the IASB decided not to proceed with this project

Last updated:

June 2020

Overview

In June 2017, the Board discussed this item which was raised by the IFRS Interpretations Committee (IFRIC).

The IASB discussed whether, and if so how, to address the challenges posed by the requirements in IAS 8 for voluntary changes in accounting policies—in particular, changes in accounting policies that result from agenda decisions published by the IFRIC. Specifically, the Board considered whether it should provide further exceptions in IAS 8 for retrospective application of voluntary changes in accounting policies, either for all voluntary changes in accounting policies or only for those changes that result from agenda decisions.

The IASB tentatively decided to amend IAS 8 to lower the impracticability threshold regarding retrospective application of voluntary changes in accounting policies that result from agenda decisions. The proposed threshold would include a consideration of the benefits and costs of applying the change retrospectively. The Board also tentatively decided not to address whether a change that results from an agenda decision is the correction of an error or a voluntary change in an accounting policy.

 

Other developments

June 2020

At its meeting on June 23-25, 2020, the IASB discussed feedback on its Exposure Draft Accounting Policy Changes—Proposed Amendments to IAS 8. The proposed amendments aimed to simplify the application of accounting policy changes that result from an agenda decision. Following this discussion the Board decided not to proceed with the project.

April 2020

On April 23, 2020, the IASB staff updated the work plan to indicate that the Board will decide the project direction in June 2020.

February 2020

On February 28, 2020, the IASB staff updated the work plan to indicate that the Board will decide the project direction in May 2020.

December 2018

On December 14, 2018, the IASB® staff updated the work plan to indicate that the Board will decide the project direction (no date specified).

September 2018

On September 20, 2018, the IASB® staff updated the work plan to indicate that the Board plans to review the Exposure Draft feedback in December 2018.

July 2018

On July 18, 2018, the IASB® staff updated the work plan to indicate that the Board plans to review the Exposure Draft feedback in Q4/2018.

April 2018

In April 2018, the staff of the IASB updated the work plan to indicate that the IASB will decide the project direction (no date specified).

April 2017

On April 17, 2018, the AcSB issued its Exposure Draft that corresponds to the IASB's Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by July 27, 2018.

March 2018

On March 27, 2018, the IASB published an exposure draft Accounting Policy Changes (Proposed amendments to IAS 8), considering changes in accounting policies that result from agenda decisions published by the IFRS Interpretations Committee. Comments are requested by July 27, 2018.

December 2017

On December 18, 2017, the IASB® staff updated the work plan to indicate that the IASB expects to issue an Exposure Draft in March 2018.

October 2017

On October 27, 2017, the IASB Staff updated this project to indicate that the IASB expects to issue an Exposure Draft in Q1/2018.

July 2017

On July 21, 2017, the IASB Staff updated this project to indicate that the IASB expects to issue an Exposure Draft in the first half of 2018.

June 2017

At its meeting on June 21-22, 2017, the IASB discussed this item and decided to add it to its list of projects.

 

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.