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CMA Final · Corporate Financial Reporting · Accounting Policies, Changes in Accounting Estimates and Errors (Ind AS 8)

Under Ind AS 8, which of the following is the primary matter that the Standard prescribes?

Ind AS 8 sets the criteria for selecting and changing accounting policies and prescribes how to account for and disclose changes in policies, changes in accounting estimates and corrections of prior period errors, to improve relevance, reliability and comparability of financial statements.

  1. ACriteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in policies, changes in estimates and corrections of errorsCorrect
  2. BMeasurement bases for recognising revenue from contracts with customers
  3. CThe format and line items of the Balance Sheet and Statement of Profit and Loss
  4. DRules for consolidating subsidiaries and preparing group financial statements

Explanation

Ind AS 8 prescribes criteria for selecting and changing accounting policies and the treatment and disclosure of policy changes, estimate changes and prior period errors. Its aim is to enhance relevance, reliability and comparability. Revenue, presentation formats and consolidation are covered by other standards.

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