Exposure Draft: IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

The International Accounting Standards Board (Board) published an exposure draft (attached to this email) on 27 March 2018 where it tentatively decided to propose amending IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to lower the impracticability threshold regarding retrospective application of voluntary changes in accounting policies that result from agenda decisions. The proposed threshold would include a consideration of the costs and benefits of applying such changes retrospectively.

The exposure draft is open for comment until 27 July 2018. We invite you to participate in this process and provide your input on the proposed changes. PAFA commentary will be shared with you during the month of June for your input. Click here to view proposed amendments.

PAFA’s proposed responses are attached here. Input o PAFA’s responses is requested to be submitted to lebogangs@pafa.org.za by Friday, 13 July 2018.

PAFA encourages its members to also submit individual PAO comments directly to the IASB. The exposure draft is open for comment until 27 July 2018.