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IAS 8 — Accounting policy changes

Background

This project looks into the accounting for voluntary changes in accounting policies — in particular, changes in accounting policies that result from agenda decisions published by the IFRS Interpretations Committee.

Applying IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, an entity changes an accounting policy only if the change is required by an IFRS or results in improving the usefulness of information provided to users of its financial statements. However, a common reason why an entity voluntarily changes an accounting policy is to reflect non-authoritative explanatory material included in agenda decisions published by the IFRS Interpretations Committee.

To facilitate voluntary changes in accounting policy that result from an agenda decision, the Board intends to amend IAS 8 to lower the impracticability threshold for retrospective application of such changes.

 

Current status of the project

This project has been discontinued. The Board decided in June 2020 not proceed with the amendments proposed in March 2018 and do no further work on the project.

 

Project milestones

Date Development Comments
June 2017 Issue first discussed by the IASB
27 March 2018 ED/2018/1 Accounting Policy Changes (Proposed amendments to IAS 8) published Comment letter deadline: 27 July 2018
June 2020 Board decides not proceed with the amendments proposed in March 2018 and do no further work on the project

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.