Unless it is impracticable to determine the effects of the error, an entity corrects material prior period errors retrospectively by restating the comparative amounts for the prior period(s) presented in which the error occurred. Prior period errors are omissions from, and misstatements in, the entity’s financial statements for one or more prior periods arising from a failure to use, or misuse of, available reliable information. the period of the change and future periods, if the change affects both.the period of the change, if the change affects that period only or.The effect of a change in an accounting estimate is recognised prospectively by including it in profit or loss in: the definitions, recognition criteria and measurement concepts for assets, liabilities, income and expenses in the Conceptual Framework.Ĭhanges in an accounting policy are applied retrospectively unless this is impracticable or unless another IFRS Standard sets specific transitional provisions.Ĭhanges in accounting estimates result from new information or new developments and, accordingly, are not corrections of errors.the requirements and guidance in IFRS Standards dealing with similar and related issues and.In making that judgement management refers to the following sources in descending order: In the absence of an IFRS Standard that specifically applies to a transaction, other event or condition, management uses its judgement in developing and applying an accounting policy that results in information that is relevant and reliable. When an IFRS Standard or IFRS Interpretation specifically applies to a transaction, other event or condition, an entity must apply that Standard. Accounting policies are the specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements. IAS 8 prescribes the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and corrections of errors.

Corporate accounting policies