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Compiled AASB Standard  AASB 108

Accounting Policies, Changes in Accounting Estimates and Errors

This compiled Standard applies to annual periods beginning on or after 1 January 2023. Earlier application is permitted for annual periods beginning after 24 July 2014 but before 1 January 2023.  It incorporates relevant amendments made up to and including 30 March 2021.

Prepared on 6 February 2023 by the staff of the Australian Accounting Standards Board.

Compilation no. 3

Compilation date:  31 December 2022

Obtaining copies of Accounting Standards

Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.

Australian Accounting Standards Board
PO Box 204
Collins Street West
Victoria   8007
AUSTRALIA

Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

Other enquiries

Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au

COPYRIGHT

© Commonwealth of Australia 2023
This compiled AASB Standard contains IFRS Foundation copyright material.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
All existing rights in this material are reserved outside Australia.  Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.  Further information and requests for authorisation to reproduce IFRS Foundation copyright material for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

Contents

COMPARISON WITH IAS 8
ACCOUNTING STANDARD
AASB 108 ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS

from paragraph
Objective 1
Scope 3
Definitions 5
Accounting policies
Selection and application of accounting policies 7
Consistency of accounting policies 13
Changes in accounting policies 14
Applying changes in accounting policies 19
Retrospective application 22
Limitations on retrospective application 23
Disclosure 28
accounting estimates 32
Changes in accounting estimates 34
Applying changes in accounting estimates 36
Disclosure 39
Errors 41
Limitations on retrospective restatement 43
Disclosure of prior period errors 49
Impracticability in respect of retrospective application and retrospective restatement 50
Effective date and transition 54
Withdrawal of other pronouncements
Commencement of the legislative instrument
Withdrawal of AASB pronouncements Aus56.2
AppendiX
A  Australian simplified disclosures for Tier 2 entities
COMPILATION DETAILS
Deleted IAS 8 text

AVailable on the AASB website
Implementation Guidance on IAS 8
Basis for Conclusions on IAS 8

Australian Accounting Standard AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors (as amended) is set out in paragraphs 1 – Aus56.2 and Appendix A.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  AASB 108 is to be