Accounting policies

Question 1

Policy choice

Answer 1

Apply policy that meets IFRS standard per transaction. If no standard remember needs to be relevant and inline with IASB conceptual framework

Question 2

Change in policies

Answer 2

If new standard is released.

Apply a policy which provides more relevant and reliable info. Voluntary change. Retrospective update PY figures and comparatives.

Question 3

Change in estimates

Answer 3

Not retrospective only change current year

Question 4

Prior period errors

Answer 4

Material errors in PY are retrospectively corrected