This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice (http://www2.deloitte.com/ca/en/legal/cookies.html) for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

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

Comment period ends on July 27, 2018

Next steps:

The International Accounting Standards Board (IASB) and the Accounting Standards Board (AcSB) will review feedback from its Exposure Draft in the third quarter of 2018.

Last updated:

April 2018

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

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.