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Version date: 26 February 2020 - onwards

Changes in accounting policies (paras. BC49)

BC49 IAS 8 prohibits a change in accounting policies that is not required by an IFRS, unless the change will result in the provision of reliable and more relevant information. Although the Board wished to avoid imposing unnecessary changes in this IFRS, it did not believe it should exempt entities from the requirement to justify changes in accounting policies. Consistently with its conclusions in IFRS 4, the Board decided to permit changes in accounting policies for exploration and evaluation assets if they make the financial statements more relevant and no less reliable, or more reliable and no less relevant judged by the criteria in IAS 8.