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IAS 8 Accounting Policies, Change in accounting estimates and errors

Forums › Ask CIMA Tutor Forums › Ask CIMA F1 Tutor Forums › IAS 8 Accounting Policies, Change in accounting estimates and errors

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  • December 24, 2017 at 2:25 pm #424690
    awkhatri
    Member
    • Topics: 2
    • Replies: 0
    • ☆

    Why is a change in the measurement basis of non current assets not treated as a change in accounting policy under IAS 8?

    For example a change in measurement of non-current asset from historical cost to fair value will be treated under IAS 16 and not IAS 8

    January 1, 2018 at 9:22 pm #426964
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7082
    • ☆☆☆☆☆

    Hi,

    It is just a quirk of the rules in that it is treated under IAS 16 and not IAS 8.

    The reasoning behind it is that if you do change to the revaluation method under IAS 16 then you do not need to restate the comparatives, but if it was done per IAS 8 then you would.

    Thanks

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