Accounting Policies, Changes In Accounting Estimates And Errors

The specific rules, practices, principles, and conventions a business applies when preparing and presenting financial statements represents that organisation’s accounting policy. But what happens if you want to change your accounting policy? What are the situations in which you have to change your accounting policy? What is the difference between accounting policies and accounting estimates?

Find out more in our one-hour AASB 108 Accounting policies, changes in accounting estimates and errors eLearn. We use practical examples to explain the accounting and disclosure requirements relating to changes to accounting policy and accounting estimates, and the correct treatment of errors.

Learning Outcomes:

• understand the concept and definition of accounting policies, accounting estimates, materiality and errors
• identify situations where accounting estimates are used
• distinguish changes in accounting policies from changes in accounting estimates 
• identify situations where prospective and retrospective application is the correct approach 
• define proper accounting treatment for the retrospective approach
• understand the correct accounting treatment of prior period errors through scenarios

Qualifications:

You will receive a Certificate of Completion upon successful completion of the course. This course is eligible to claim professional development points from CPA and CA ANZ.