International Accounting Standard 8: Accounting policies, changes in accounting estimates and errors

This version includes amendments resulting from IFRSs issued up to 31 December 2008. IAS 8 Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies was issued by the International Accounting Standards Committee in December 1993. It replaced IAS 8 Unusual and Prior Period Items and Changes in Accounting Policies (issued in February 1978). | IAS 8 International Accounting Standard 8 Accounting Policies, Changes in Accounting Estimates and Errors This version includes amendments resulting from IFRSs issued up to 31 December 2008. IAS 8 Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies was issued by the International Accounting Standards Committee in December 1993. It replaced IAS 8 Unusual and Prior Period Items and Changes in Accounting Policies (issued in February 1978). The Standing Interpretations Committee developed two Interpretations relating to IAS 8: • SIC-2 Consistency—Capitalisation of Borrowing Costs (issued December 1997) • SIC-18 Consistency—Alternative Methods (issued January 2000). Paragraphs of IAS 8 (1993) that dealt with discontinued operations were superseded by IAS 35 Discontinuing Operations (issued in June 1998 and superseded by IFRS 5). In April 2001 the International Accounting Standards Board (IASB) resolved that all Standards and Interpretations issued under previous Constitutions continued to be applicable unless and until they were amended or withdrawn. In December 2003 the IASB issued a revised IAS 8 with a new title—Accounting Policies, Changes in Accounting Estimates and Errors. The revised standard also replaced SIC-2 and SIC-18. IAS 8 and its accompanying documents have been amended by the following IFRSs: • IAS 23 Borrowing Costs (as revised in March 2007)* • IAS 1 Presentation of Financial Statements (as revised in September 2007)* • Improvements to IFRSs (issued May 2008).* The following Interpretations refer to IAS 8: • SIC-7 Introduction of the Euro (issued May 1998 and subsequently amended) • SIC-10 Government Assistance—No Specific Relation to Operating Activities (issued July 1998 and subsequently amended) • SIC-12 Consolidation—Special Purpose Entities (issued December 1998 and subsequently amended) • SIC-13 Jointly Controlled Entities—Non-Monetary Contributions by Venturers (issued December 1998 and .