IAS 8 Accounting policies, changes in accounting estimates and errors


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 course will enable you to:

  • understand the concept and definition of accounting policies, accounting estimates, materiality and errors
  • identify situations where accounting estimates are used
  • distinguish changes in accounting policies from changes in accounting estimates 
  • identify situations where prospective and retrospective application is the correct approach 
  • define proper accounting treatment for the retrospective approach
  • understand the correct accounting treatment of prior period errors through scenarios
  • review and understand IAS 8 standard's disclosure requirements

Further information:

  • Training hours: 60 minutes 
  • Languages: English, Hungarian

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.


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Contact us

Ana Cetkovic

Ana Cetkovic

PwC's Academy Coordinator, PwC Montenegro

Tel: +382 67 643 304