BC33 IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors [When it issued IFRS 18, the IASB changed the title of IAS 8 to Basis of Preparation of Financial Statements.] requires an entity to apply retrospectively a change in accounting policy resulting from the initial application of an IFRS that does not have a transition provision. The Board did not include any transition provision in the amendments because, in the Board’s view, it would not be unduly burdensome for entities to apply the changes to IAS 12 retrospectively.
BC34 The Board acknowledges that the amendments may add some administrative burden if they apply to investment property acquired in a business combination that occurred in a previous reporting period. For example, it could be difficult to restate goodwill and recalculate previous impairment reassessments if some information is not available and an entity is unable to separate the effects of hindsight. However, the Board reasoned that the amendment
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