Retrospective application requires restating opening equity and comparatives unless impracticable, with specific disclosure obligations.

The Standard requires entities to apply specific Ind ASs when available or otherwise use judgement guided by similar Ind ASs and the Conceptual Framework; accounting policies must be consistent and changed only when required by an Ind AS or when producing more reliable, relevant information. Changes in accounting policy are normally applied retrospectively with adjustment of opening equity and comparative amounts unless impracticable, in which case pragmatic prospective application from the earliest practicable date is required. Changes in accounting estimates are recognised prospectively; material prior period errors are corrected retrospectively unless impracticable. Detailed disclosure obligations accompany initial application, voluntary changes, estimate changes and error corrections.

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