IFRS for SMEs / Section 10: Accounting Policies, Estimates and Errors

Section 10: Accounting Policies, Estimates and Errors

Section 10 covers how to select accounting policies, how to account for a change in policy or estimate, and how to correct prior-period errors retrospectively.

Disclosures to look for

Section 10 The nature and effect of changes in accounting policy, changes in estimates and corrections of prior-period errors.

How Sight applies it

Comparative figures come from the prior year's trial balance snapshot; a correction of a prior-period error is posted as a journal in that year.

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