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{{this}} prescribes the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and corrections of errors. Accounting policies are the specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements. When an [[t:IFRS|IFRS Standard]] or IFRS Interpretation specifically applies to a transaction, other event or condition, an entity must apply that Standard.

In the absence of an [[t:IFRS|IFRS Standard]] that specifically applies to a transaction, other event or condition, management uses its judgement in developing and applying an accounting policy that results in information that is relevant and reliable. In making that judgement management refers to the following sources in descending order:
* The requirements and guidance in [[t:IFRS|IFRS Standards]] dealing with similar and related issues; and
* The definitions, recognition criteria and measurement concepts for assets, liabilities, income and expenses in the Conceptual Framework.
Changes in an accounting policy are applied retrospectively unless this is impracticable or unless another [[t:IFRS|IFRS Standard]] sets specific transitional provisions.

{{this}} is Copyright: [https://IFRS.org IFRS Foundation]
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[[Category:Term]][[Category:Finance]]
{{Object
|name=IAS 8 Accounting Policies, Changes in Estimates & Errors
|parent=t:IFRS
|sort=10008
|level=1
|keywords=IAS, IFRS, Standard, Financial, Accounting, Policies, Estimates, Errors, Correction, Prior Period
|description=IAS 8 prescribes the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and corrections of errors
}}

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