The requirements in IFRSs, in particular in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, make a distinction between how an entity should present and disclose different types of accounting changes in its financial statements. Changes in accounting policies must be applied retrospectively while changes in accounting estimates are accounted for prospectively. Companies sometimes struggle to apply changes in accounting policies retrospectively and also find it sometimes difficult to distinguish between accounting policies and accounting estimates.

The OIC is now conducting a survey to help the IASB understand investor views on the following aspects:

• the type of financial statement information that is needed when a company makes an accounting change;
• whether the type of the change affects information needs; and
• whether there is more than one way companies could provide information about accounting changes that would still satisfy all needs.

More information about the online survey is available on the OIC website. It should take approximately 15 minutes to complete and can be completed until 15 February 2015.