IAS 8
IAS 8 covers accounting policies, changes in accounting estimates, and prior period errors—three critical areas you'll encounter across ACCA and CIMA papers. You'll learn when to apply existing standards, how to handle policy changes retrospectively, and why prospective treatment applies to estimate changes.
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In this lesson
- 0:00 Accounting policies, changes and errors
- 0:08 What are accounting policies
- 0:35 Choosing between policy options
- 0:58 Handling non-standard transactions
- 1:46 When and how to change policies
- 2:30 Retrospective application explained
- 3:09 Changes in accounting estimates
- 3:33 Common estimate examples
- 4:09 Prospective treatment of estimates
- 4:24 Prior period errors and corrections
- 5:32 Creative accounting risks and examples
About this lesson
The video also explores prior period errors and the risks of creative accounting, helping you understand both the technical requirements and the ethical boundaries that protect financial statement integrity. This knowledge is essential for papers covering financial reporting, including FR, SBR, and Strategic Business Leader.
Duration: 7m
Transcript
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