The International Accounting Standards Board (IASB) recently issued an Exposure Draft, “Accounting Policy Changes (Proposed amendments to IAS 8)” that is available on the IASB website at www.ifrs.org. Entities sometimes voluntarily change an accounting policy to reflect explanatory material included in agenda decisions published by the IFRS® Interpretations Committee. The proposed amendments lower the impracticability threshold for retrospective application of such changes, to one based on entity-specific cost-benefit considerations.
The IASB’s Exposure Draft includes a Basis for Conclusions that is not part of this Exposure Draft. The Basis for Conclusions may provide useful information to stakeholders.