| Financial Reporting Standard 108 |
Contents
| INTRODUCTION | paragraphs
IN1-IN18 | Financial Reporting Standard 108
Accounting Policies, Changes in Accounting
Estimates and Errors
| | | OBJECTIVE | 1-2 | | SCOPE | 3-4 | | DEFINITIONS | 5-6 | | ACCOUNTING POLICIES | 7-31 | | Selection and Application of Accounting Policies | 7-12 | | Consistency of Accounting Policies | 13 | | Changes in Accounting Policies | 14-31 | | Applying Changes in Accounting Policies | 19-27 | | Retrospective application | 22 | | Limitations on retrospective application | 23-27 | | Disclosure | 28-31 | | CHANGES IN ACCOUNTING ESTIMATES | 32-40 | | Disclosure | 39-40 | | ERRORS | 41-49 | | Limitations on Retrospective Restatement | 43-48 | | Disclosure of Prior Period Errors | 49 | IMPRACTICABILITY IN RESPECT OF RETROSPECTIVE
APPLICATION AND RETROSPECTIVE RESTATEMEN |
50-53 | | EFFECTIVE DATE | 54 | | WITHDRAWAL OF OTHER PRONOUNCEMENTS | 55-56 |
Style
Additions to IFRSs are clearly identified and would be made in a manner that preserves the format and structure of the IFRSs. If a new paragraph is added, that paragraph would be labelled with the preceding paragraph number followed by a capitalised alphabet and the word "added" is included at the right side of the paragraph. If a paragraph is deleted, the text would be marked as deleted text by the inclusion of the word "deleted" at the right side of the paragraph and the reason for the deletion is explained at the end of the paragraph. [New paragraph or deleted paragraph without the indication of "added" or "deleted" at the right side of the paragraph is amendments made by the IASB.] Additions or deletions made within the paragraph in IFRSs would be shaded and underlined or struck through respectively. [Those additions and deletions which are underlined or struck through without shading are amendments made by the IASB.]
| Financial Reporting Standard 108 Accounting Policies, Changes in Accounting Estimates and Errors (FRS 108) is set out in paragraphs 1-56. All the paragraphs have equal authority. FRS 108 should be read in the context of its objective and the Basis for Conclusions, the Foreword to Financial Reporting Standards and the Proposed Framework for the Preparation and Presentation of Financial Statements. | |
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