IFRS Foundation publishes guide on Selecting and Applying Accounting Policies
28 November 2019
The IFRS Foundation has published a short guide on how entities may apply the requirements of IAS 8, Accounting policies, changes in accounting estimates and errors in developing accounting policies under IFRS. The guide provides a flowchart that summarises some of the requirements of IAS 8, including how an entity develops an accounting policy when an IFRS Standard does not specifically apply to a transaction, event or condition.
The guide also includes a number of illustrative examples of how the requirements in IAS 8 may be applied.
The guide can be accessed here.