IAS 8 Basis of Preparation of Financial Statements

Following the IFRS 18 amendments, IAS 8 includes fair presentation and compliance with IFRS Accounting Standards, going concern, the accrual basis and selection and application of accounting policies. Apply the relevant standard’s policy requirements or, when none specifically applies, use the IAS 8 hierarchy to develop an appropriate policy. A qualifying policy change is generally retrospective, subject to transition rules and impracticability; estimate changes are prospective. Material prior-period errors are generally corrected by retrospective restatement.