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Disclosure initiative — Changes in accounting policies and estimates (Potential Amendments to IAS 8) [ED]

Comment period ends on January 15, 2018

Proposed effective date:

The exposure draft does not contain a proposed effective date which the IASB intends to decide on after the exposure. However, the Board has already concluded that an entity should 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.

Next steps:

The Board plans to decide the project direction in October 2018

Last up­dated:

July 2018

Overview

The IASB is un­der­tak­ing a broad-based ini­tia­tive to ex­plore how dis­clo­sures in IFRS fi­nan­cial re­port­ing can be im­proved. This ini­tia­tive has been in­formed by a Dis­cus­sion Fo­rum on Dis­clo­sure in Fi­nan­cial Re­port­ing that was held in Jan­u­ary 2013. In con­junc­tion with this, the IASB staff also con­ducted a sur­vey. A Feed­back State­ment on these events was pub­lished in May 2013. 

The Dis­clo­sure Ini­tia­tive is currently made up of a num­ber of im­ple­men­ta­tion and re­search pro­jects, as follows:

  1. cer­tain nar­row fo­cus amend­ments to IAS 1, Pre­sen­ta­tion of Fi­nan­cial State­ments [see sep­a­rate project]
  2. cer­tain nar­row fo­cus amend­ments to IAS 7, State­ment of Cash Flows [see sep­a­rate project];
  3. this major project on changes in accounting policies and estimates;
  4. a major project on materiality [see separate project];
  5. a major project on the definition of materiality [see separate project];
  6. a major project on the principles of disclosure (including the Standards-level Review of Disclosures) [see separate project];
  7. a project on Primary Financial Statements [see separate project]; and
  8. a research project on general disclosure issues.

The purpose of this project is to clarify the distinction between a change in an accounting policy and a change in an accounting estimate, in relation to the application of IAS 8.The project was added to the IASB’s work plan in May 2015.

 

Other developments

July 2018 

On July 18, 2018, the IASB® staff updated the work plan to indicate that the Board plans to decide the project direction in October 2018.

March 2018 

On March 23, 2018, the IASB® staff updated the work plan to indicate that the Board plans to decide the project direction at a future meeting.

December 2017 

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

October 2017

On October 4, 2017, 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 January 15, 2018.

September 2017

On September 22, 2017, the IASB staff updated the work plan to indicate that the IASB expects to review the Exposure Draft Feedback in Q1 2018.

On September 12, 2017, the IASB published an exposure draftAccounting Policies and Accounting Estimates (Proposed amendments to IAS 8), to help entities to distinguish between accounting policies and accounting estimates. Comments are requested by January 15, 2018.

June 2017

In June 2017, the IASB staff updated the work plan to indicate that the IASB expects to issue an Exposure Draft in September 2017.

April 2017

On April 28, 2017, the IASB staff issued an updated Work Plan which indicates that the IASB expects to publish an Exposure Draft for public comment in respect of this project in June 2017.

March 2017

On March 23, 2017, the IASB staff issued an updated Work Plan which indicates that the IASB expects to publish an Exposure Draft in respect of this project for comment by September 2017.

December 2016

On December 15, 2016, the IASB staff updated the Work Plan in respect of this project to indicate that the IASB expects to publish an Exposure Draft for comment by June 2017.

September 2016

On September 23, 2016, the IASB staff updated the Work Plan in respect of this project to indicate that the IASB expects to publish an Exposure Draft for comment by March 31, 2017.

July 2016

On July 20, 2016, the IASB staff updated the Work Plan in respect of this project to indicate that the IASB expects to publish an Exposure Draft for comment sometime before January 31, 2017.

July 2015

On July 31, 2015, the IASB updated its work plan. The ED will be delayed to Q1 2016 at the earliest.

 

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