Table of Contents
IAS 8: Basis of Preparation of Financial StatementsObjective (paras. 1-2)Scope (paras. 3-4)Definitions (paras. 5-6)Basis of preparation - general matters (paras. 6A-6N)Accounting policies (paras. 7-31I)Accounting estimates (paras. 32-40)Errors (paras. 41-49)Impracticability in respect of retrospective application and retrospective restatement (paras. 50-53)Effective date and transition (paras. 54-54J)Withdrawal of other pronouncements (paras. 55-56)Appendix Amendments to other pronouncementsApproval by the board of IAS 8 issued in December 2003IAS 8: Basis for ConclusionsIntroduction (paras. BC1-BC3A)Removing allowed alternative treatments (paras. BC4-BC11)Eliminating the distinction between fundamental errors and other material prior period errors (para. BC12)Departures from IFRSs (paras. BC12A-BCZ12I)Applying a Standard or an Interpretation that specifically applies to an item (paras. BC13-BC15)Pronouncements of other standard‑setting bodies (paras. BC16-BC19)Materiality (paras. BC20-BC22)Criterion for exemption from requirements (paras. BC23-BC24)Definition of ‘impracticable’ (paras. BC25-BC27)Applying the impracticability exemption (paras. BC28-BC29)Disclosures about impending application of newly issued IFRSs (paras. BC30-BC31)Disclosure of selection and application of accounting policies (paragraphs 27A-27I and 31A-31I) (paras. BC31A-BCZ31AD)BC31ADisclosure of accounting policies (issued February 2021) (paras. BCZ31B-BCZ31V)Disclosure of the judgements that management has made in the process of applying the entity’s accounting policies (paras. BCZ31W-BCZ31X)Disclosure of major sources of estimation uncertainty (paras. BCZ31Y-BCZ31AD)Recognising the effects of changes in accounting estimates (paras. BC32-BC33)Amended references to the Conceptual Framework (paras. BC34-BCZ37A)Application by rate-regulated entities (paras. BC38-BC40)Transition relief (para. BC41)Definition of Accounting Estimates (2021 amendments) (BC42-BC59)Dissenting opinions (paras. DO1-DO5)IAS 8: Implementation Guidance
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IAS 8: Basis of Preparation of Financial Statements
Amendments to IAS 8, including the change of title, by IFRS 18 Presentation and Disclosure in Financial Statements (for annual reporting periods beginning on or after 1 January 2027, earlier application is permitted) have been effected by Better Regulation.