In accordance with International financial reporting standards (IFRS), an entity applies specific principles, conventions, rules and practices in preparing and presenting its financial statements. These specific principles and practices represent the entity's accounting policy. Can you change your accounting policy? What are those situations when you have to change your accounting policy? What is the difference between accounting policies and accounting estimates?
IAS 8 standard specifies the accounting and disclosure requirements related to changes in accounting policies. The accounting treatment and disclosure requirements of changes in accounting estimates as well as correct treatment of errors are also included in the IAS 8 standard. This course explains these concepts using practical examples and interim tests to enhance understanding.
This e-learning course is part of an e-learning series designed by PwC Academy Hungary which aims to provide a comprehensive overview of the application of IFRS (IAS) standards to finance and accounting experts who are already familiar with fundamental (local) accounting and reporting processes.