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Section 10 – Accounting Policies and Estimates |
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1. |
When an amendment to an FRS or FRC Abstract has an effect on the current period or any prior period, or might have an effect on future periods, an entity shall disclose the following: a) the nature of the change in accounting policy; b) for the current period and each prior period presented, to the extent practicable, the amount of the adjustment for each financial statement line item affected; c) the amount of the adjustment relating to periods before those presented, to the extent practicable; and d) an explanation if it is impracticable to determine the amounts to be disclosed in (b) or (c) above. Financial statements of subsequent periods need not repeat these disclosures. |
10.13 |
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2. |
When a voluntary change in accounting policy has an effect on the current period or any prior period, an entity shall disclose the following: a) the nature of the change in accounting policy; b) the reasons why applying the new accounting policy provides reliable and more relevant information; c) to the extent practicable, the amount of the adjustment for each financial statement line item affected, shown separately: i. for the current period; ii. for each prior period presented; and iii. in the aggregate for periods before those presented; and d) an explanation if it is impracticable to determine the amounts to be disclosed in (c) above. Financial statements of subsequent periods need not repeat these disclosures. |
10.14 |
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3. |
An entity shall disclose the nature of any change in an accounting estimate and the effect of the change on assets, liabilities, income and expense for the current period. If it is practicable for the entity to estimate the effect of the change in one or more future periods, the entity shall disclose those estimates. |
10.18 |
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4. |
An entity shall disclose the following about material prior period errors: a) the nature of the prior period error; b) for each prior period presented, to the extent practicable, the amount of the correction for each financial statement line item affected; c) to the extent practicable, the amount of the correction at the beginning of the earliest prior period presented; and d) an explanation if it is not practicable to determine the amounts to be disclosed in (b) or (c) above. Financial statements of subsequent periods need not repeat these disclosures.
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10.23 |
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