CONTENTS

COMPILATION DETAILS

Comparison With IAS 8

Accounting Standard

AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors

Paragraphs

Objective 1 – 2

Application Aus2.1 – Aus2.7

Reduced Disclosure Requirements Aus2.9 – Aus2.11

Scope 3 – 4

Definitions 5 – 6

Accounting Policies

Selection and Application of Accounting Policies 7 – 12

Consistency of Accounting Policies 13

Changes in Accounting Policies 14 – 18

Applying changes in accounting policies 19 – 21

Retrospective application 22

Limitations on retrospective application 23 – 27

Disclosure 28 – 31

Changes in Accounting Estimates 32 – 38

Disclosure 39 – 40

Errors 41 – 42

Limitations on Retrospective Restatement 43 – 48

Disclosure of Prior Period Errors 49

Impracticability in Respect of Retrospective Application and Retrospective Restatement 50 – 53

Effective Date 54C – 54E

DELETED IAS 8 TEXT Page 16

IMPLEMENTATION GUIDANCE ON IAS 8
(available on the AASB website)

BASIS FOR CONCLUSIONS ON IAS 8
(available on the AASB website)

Australian Accounting Standard AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors (as amended) is set out in paragraphs 1 – 54E. All the paragraphs have equal authority. Terms defined in this Standard are in italics the first time they appear in the Standard. AASB 108 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations.