IASB ED/2018/1

Accounting Policy Changes (Proposed amendments to IAS 8)


The International Accounting Standards Board (IASB) has published for public comment Exposure Draft ED/2018/1 Accounting Policy Changes (Proposed amendments to IAS 8).

This proposes narrow scope amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors where voluntary changes in accounting policies are applied by entities because of agenda decisions published by the IFRS Interpretations Committee.

IAS 8 requires an entity to apply a voluntary change in accounting policy retrospectively as if it had always applied the new policy, except to the extent it is impracticable to do so.

In deciding how far back it can go in applying such a change in accounting policy, the IASB proposes that the entity will consider not only whether it is practicable (the current requirement), but also the benefits to users, and costs to the entity, of making the change.

Accessing the Consultation Document

Commenting on the Proposal

This Exposure Draft is your opportunity to comment on a proposed future standard that will be issued in New Zealand.  So, we encourage you to read it, provide us your comments and tell us how the proposal could affect you or the entities you work with. 

The XRB Board is committed to adopting international standards in the for-profit sector.  Generally, once a standard has been issued by the IASB, the NZASB then issues the New Zealand equivalent standard without further consultation. 

Send your comments, which can be formal or informal, by 25 June 2018 to the NZASB as follows:

Either by post to the:

Chief Executive
External Reporting Board
PO Box 11250
Manners Street Central

OR by email to submissions@xrb.govt.nz.

We also encourage you to send comments directly to the IASB by 27 July 2018, with a copy to the NZASB. These can either be the same as, or independent of, your comments sent to the NZASB.

Your comments can be made electronically to the “Open for Comment” page at http://go.ifrs.org/open-for-comment or an email can be sent to commentletters@ifrs.org 

Please note:

  • We would appreciate receiving a copy of your comments in electronic form (preferably Microsoft Word format).  This helps us to more efficiently collate and analyse comments. Please also specify the exposure draft number and title in your electronic file. 

  • Tell us on whose behalf you are making the comments (for example on behalf of a group or an entity).

  • We intend publishing all comments on the XRB website, unless they may be defamatory. If you have any objection to this, we will not publish them. However, they will remain subject to the Official Information Act 1982 and, therefore, may be released in part or in full. The Privacy Act 1993 also applies.

  • If you have an objection to the release of any information contained in your comments, we would appreciate you identifying the parts of your comments to be withheld, and the grounds under the Official Information Act 1982 for doing so (for example, that it would be likely to unfairly prejudice the commercial position of the person providing the information).