Ind AS 8: Criteria for Selecting Accounting Policies, Handling Changes, Estimates, and Error Corrections for Reliable Financials.
Indian Accounting Standard (Ind AS) 8 outlines the criteria for selecting and changing accounting policies, as well as the treatment and disclosure of changes in accounting policies, estimates, and error corrections. The standard aims to improve the relevance, reliability, and comparability of financial statements. It mandates retrospective application of changes unless impracticable, requiring adjustments to prior periods. Disclosure requirements include the nature and impact of changes or errors. The standard distinguishes between changes in accounting estimates and errors, emphasizing prospective recognition of estimate changes. Ind AS 8 aligns with international standards, with some terminology and procedural differences.
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