Скачать или смотреть 2.8 I Accounting Estimates, Changes, and Disclosures

🎥 Video Description:
This video explains selection and application of accounting policies, accounting estimates, and related disclosures under IFRS, essential for accountants, auditors, and finance professionals. 📊📝
You’ll learn:
✅ Selection of Accounting Policies


Accounting policies are principles, bases, conventions, rules, and practices applied in preparing financial statements.


When Accounting Standards don’t cover an issue, management exercises judgement based on a hierarchy of accounting literature.


Policies are applied consistently to all similar items unless specifically permitted otherwise.


✅ Disclosure of Material Accounting Policy Information


Material accounting policies must be disclosed.


Materiality is assessed based on user needs, size, and nature of transactions or events.


Tailored disclosures reflecting entity-specific circumstances and judgements are more useful than boilerplate information.


✅ Changes in Accounting Policy and Correction of Prior-Period Errors


Policies change in response to new/revised accounting standards or voluntarily if it provides more reliable and relevant information.


Changes and corrections are made by adjusting opening equity and restating comparatives unless impracticable.


✅ Accounting Estimates


Estimates are monetary amounts subject to measurement uncertainty.


Developing estimates involves judgement and assumptions using the latest reliable information.


✅ Changes in Accounting Estimates


Accounted for prospectively.


If uncertain whether it’s a policy or estimate change, treat it as an estimate change with appropriate disclosure.


✅ Change in Classification or Presentation


Changes in presentation/classification require restating comparatives, unless impracticable.


✅ Key Judgements and Estimation Uncertainties


Disclose judgements with significant impact and key sources of estimation uncertainty affecting the financial statements.


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