IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors (Including 2021 Amendments)

What Will You Learn?

• Explain the purpose, scope, and authority of IAS 8
• Distinguish between accounting policies, accounting estimates, and errors
• Apply the IAS 8 hierarchy when no IFRS Standard explicitly applies
• Identify when a change in accounting policy is permitted
• Apply retrospective application correctly for policy changes
• Apply prospective application correctly for changes in accounting estimates
• Apply the 2021 IAS 8 amendment definition of accounting estimates
• Identify and correct prior-period errors appropriately
• Prepare audit-defensible disclosures for IAS 8 matters
• Document professional judgment to withstand audit and peer-review scrutiny