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Current issue – ED on change to IAS 8

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Current issue – ED on change to IAS 8

  • This topic has 0 replies, 1 voice, and was last updated 3 years ago by Stephen Widberg.
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  • February 24, 2020 at 11:10 am #562935
    Stephen Widberg
    Keymaster
    • Topics: 15
    • Replies: 3136
    • ☆☆☆☆☆

    A bit obscure…….but you never know with this exam.

    IFRIC make Agenda Decisions. They tend to be on very technical matters and compliance is voluntary. Examples on link below. Don’t worry – you don’t need to learn them!

    https://cdn.ifrs.org/-/media/feature/supporting-implementation/agenda-decisions/agenda-decision-compilations/agenda-decision-compilation-volume-1.pdf?la=en

    The point is that, when agenda decisions are made, companies may choose to change accounting policy – this can be very expensive because they would have to restate prior year / do prior year adjustment.

    So, the ED proposes that there will be no need to restate prior year / do prior period afjustment if COST OUTWEIGHS BENEFIT. Any changes would be adjusted PROSPECTIVELY.

    Even if it doesn’t come up in the exam, you can dine out on that snippet of knowledge.

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