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Ias 8 accounting policies changes in accounting estimates

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Hyderabad Chapter of ICWAI
Hyderabad Chapter of ICWAI

This document discusses accounting policies, changes in accounting estimates and errors as per IAS 8. It provides an overview of the objectives and key concepts related to selection and application of accounting policies, changes in accounting policies, changes in accounting estimates and correction of errors. It explains the accounting treatment for changes in accounting policies, changes in accounting estimates and prior period errors as per IAS 8 and compares it with similar requirements in Indian GAAP.

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IAS 8 ACCOUNTING POLICIES CHANGES IN ACCOUNTING ESTIMATES AND ERRORS N R GOVINDARAJAN CHARTERED ACCOUNTANT FCA, AICWA,CISA, DISA (ICAI)
OVERVIEW ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Objectives ,[object Object],[object Object],[object Object],[object Object]
Key concepts ,[object Object],[object Object],[object Object]
Key concepts ,[object Object],[object Object],[object Object],[object Object]
Key concepts ,[object Object],[object Object]
Key concepts ,[object Object],[object Object],[object Object],[object Object],[object Object]
Key concepts ,[object Object],[object Object],[object Object],[object Object],[object Object]
Accounting policies – Selection and Application ,[object Object],[object Object],[object Object],[object Object]
Changes in accounting policies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Changes in accounting policies – Accounting treatment ,[object Object],[object Object],[object Object],[object Object],[object Object]
Changes in accounting policies – Accounting treatment ,[object Object],[object Object],[object Object]
Impracticable? ,[object Object],[object Object],[object Object],[object Object],[object Object]
Changes in accounting estimates- Accounting treatment ,[object Object],[object Object],[object Object],[object Object]
Errors – Accounting Treatment ,[object Object],[object Object],[object Object]
Errors – Accounting Treatment ,[object Object],[object Object],[object Object],[object Object]
Provision Prohibited Provision required Proposed Dividend Change in accounting estimate Change in accounting policy Change in the method of depreciaton Detailed guidance.Retrospective effect needs to be given by adjusting retained earnings No elaborate guidance. Effect in P&L account Change in accounting policy IFRS Indian GAAP Particulars
Retrospective effect wherever practicable Only in CY with disclosures Prior period items effect Covers items of P&L and B/S Only P & L items Prior Period item IFRS Indian GAAP Particulars
AS 5 VS ED AS 5 ,[object Object]
[object Object],THANK YOU

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Ias 8 accounting policies changes in accounting estimates

  • 1. IAS 8 ACCOUNTING POLICIES CHANGES IN ACCOUNTING ESTIMATES AND ERRORS N R GOVINDARAJAN CHARTERED ACCOUNTANT FCA, AICWA,CISA, DISA (ICAI)
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  • 17. Provision Prohibited Provision required Proposed Dividend Change in accounting estimate Change in accounting policy Change in the method of depreciaton Detailed guidance.Retrospective effect needs to be given by adjusting retained earnings No elaborate guidance. Effect in P&L account Change in accounting policy IFRS Indian GAAP Particulars
  • 18. Retrospective effect wherever practicable Only in CY with disclosures Prior period items effect Covers items of P&L and B/S Only P & L items Prior Period item IFRS Indian GAAP Particulars
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