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IFRS Foundation issues guide on accounting policies

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Nov 21, 2019

The IFRS Foundation has issued “Guide to Selecting and Applying Accounting Policies — IAS 8.”

This guide outlines the following three-step process companies can use to “determine their accounting policies when preparing IFRS financial statements”:

  • Step 1 — “Consider whether an IFRS Standard specifically applies to the transaction, other event or condition.”
  • Step 2 — “Consider whether IFRS Standards deal with similar and related issues.”
  • Step 3 — “Refer to and consider the applicability of the ‘Conceptual Framework for Financial Reporting.’”

The steps are accompanied by examples illustrating how they are applied.

For more in­for­ma­tion, see the press release on the IASB’s Web site.

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