ICAI Educational Material on Indian Accounting Standard (Ind AS) 8, Accounting Policies, Changes in Accounting Estimates and Errors
In this era of globalised economies, the Institute of Chartered Accountants of India (ICAI) has been at the forefront of ensuring high quality accounting standards in India. Financial reporting has got new dimensions after the implementation of Indian Accounting Standards (Ind AS). The Ind AS Implementation Committee of ICAI is playing a pivotal role in providing guidance to the members and other stakeholders so as to enable them to implement these Standards in the same spirit in which these have been formulated.
Moving forward in this direction, the Ind AS Implementation Committee has brought out this Educational Material covering Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors. The purpose of this Educational Material is to provide guidance by way of Frequently Asked Questions (FAQs) and illustrations explaining the principles enunciated in the Standard. This publication will provide guidance to the stakeholders in understanding 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.
Contents of the Educational Material
I. Ind AS 8 — Summary
II. Frequently Asked Questions (FAQs)
III. Annexure A
Appendix I: Major differences between Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors and AS 5, Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
Appendix II: Major difference between Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors and IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors
