ICAI issues educational material on Indian Accounting Standard (Ind AS) 8, Accounting Policies, Changes in Accounting Estimates and Errors
According to the ICAI This Educational Material on Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors will provide guidance to the stakeholders in understanding the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and corrections of errors.
In the announcement made ICAI has stated that Ind AS 8 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.
The Educational Material on Ind AS 8 covers all relevant aspects envisaged in the Standard by way of brief summary of the Standard and Frequently Asked Questions (FAQs) which are expected to be faced while implementing the Standard.
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