| A voluntary accounting policy change can only be made if the new policy results in reliable and more relevant information. |
A voluntary accounting policy change can be made if either:
- The new policy results in reliable and more relevant information, or
- It is a change between alternative methods specifically allowed in certain GAAP standards (investments in subsidiaries, jointly controlled enterprises and associates, intangible assets, defined benefit plans, income taxes, and financial instruments).
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| Errors should be corrected retrospectively, unless it is impracticable to do so. |
Errors should always be corrected retrospectively. There is no recognition of the concept of impracticability for error corrections. |
| When applying a change retrospectively, a restated balance sheet at the beginning of the earliest comparative period must be presented. |
When applying a change retrospectively, the effect on the opening balances of the earliest comparative period should be identified, but a restated opening balance sheet is not required. |
| Disclosure of the potential future effects of accounting standards issued, but not yet effective, needs to be made. |
No disclosures for standards not yet implemented are required. |
