Page 165 - Finac1 Test 1 slides

IAS 8

Introduction

• The purpose of this standard is to prescribe criteria for

the selection of an accounting policy, as well as for the

accounting treatment and disclosure of:

• changes in accounting policies,

• changes in accounting estimates and

• correction of prior period errors,

• to ensure consistent preparation and presentation of

financial statements.

• The standard enhances the comparability of the entity’s

financial statements with previous periods, as well as

with financial statements of other entities.

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