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IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

Date

Ongoing

Time

On-demand

CPE Hours

50 minutes

Competency

Core

Location

eLearn

Price

€30

Course Description

Upon completion of this module you will be able to identify situations where accounting estimates are used, distinguish changes in accounting policies from changes in accounting estimates, identify situations where prospective and retrospective application is the correct approach and define proper accounting treatment for both models. The course contains review questions after each of the course components. The purpose of these questions is to enhance understanding. The result of review questions does not count in your final quiz result.

Course Structure

The eLearn introduces the following topics:

  • Objective and scope: Definitions, Materiality, Accounting Policies, Changes in Accounting Estimates and Errors
  • Sources of accounting policies: Selecting and applying accounting policies
  • Changes in accounting policy: Retrospective application, Transitional provision
  • Changes in accounting estimates: Accounting estimates vs. accounting policies
  • Errors: Correction of errors
  • Disclosures: New accounting standards not yet effective, Change in accounting estimates
  • Final Quiz

Should Attend

This course is intended for professionals in financial and actuarial functions.

Prerequisites

There are no prerequisites to follow this eLearn

Assessment

A final quiz will test your knowledge.

Key-Features

This course will enable you to:

  • understand the concept and definition of accounting policies, accounting estimates, materiality and errors
  • identify situations where accounting estimates are used
  • distinguish changes in accounting policies from changes in accounting estimates
  • identify situations where prospective and retrospective application is the correct approach
  • define proper accounting treatment for the retrospective approach
  • understand the correct accounting treatment of prior period errors through scenarios
  • review and understand IAS 8 standard’s disclosure requirements

Course Structure

The eLearn introduces the following topics:

  • Objective and scope: Definitions, Materiality, Accounting Policies, Changes in Accounting Estimates and Errors
  • Sources of accounting policies: Selecting and applying accounting policies
  • Changes in accounting policy: Retrospective application, Transitional provision
  • Changes in accounting estimates: Accounting estimates vs. accounting policies
  • Errors: Correction of errors
  • Disclosures: New accounting standards not yet effective, Change in accounting estimates
  • Final Quiz

Should Attend

This course is intended for professionals in financial and actuarial functions.

Prerequisites

There are no prerequisites to follow this eLearn

Assessment

A final quiz will test your knowledge.

Key-Features

This course will enable you to:

  • understand the concept and definition of accounting policies, accounting estimates, materiality and errors
  • identify situations where accounting estimates are used
  • distinguish changes in accounting policies from changes in accounting estimates
  • identify situations where prospective and retrospective application is the correct approach
  • define proper accounting treatment for the retrospective approach
  • understand the correct accounting treatment of prior period errors through scenarios
  • review and understand IAS 8 standard’s disclosure requirements

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