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Objective
1. The objective of
this Standard is to prescribe the criteria for selectingand
changing accounting policies, together with the accounting
treatment and disclosure of changes in accounting policies,
changes in accounting estimates and corrections of errors. The
Standard is intended to enhance the relevance and reliability
of an entity’s financial statements, and the comparability
of those financial statements over time and with the financial
statements of other entities.
2. Disclosure
requirements for accounting policies, except those for changes
in accounting policies, are set out in IAS 1 Presentation
of Financial Statements.
Scope
3. This Standard
shall be applied in selecting and applying accounting policies,
and accounting for changes in accounting policies, changes
in accounting estimates and corrections of prior period
errors.
4. The tax effects
of corrections of prior period errors and of retrospective
adjustments made to apply changes in accounting policies are
accounted for and disclosed in accordance with IAS 12 Income
Taxes.
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