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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 read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards.

Comparison with IAS 8
AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors as amended incorporates IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors as issued and amended by the International Accounting Standards Board (IASB).  Australian‑specific paragraphs (which are not included in IAS 8) are identified with the prefix "Aus".  Paragraphs that apply only to not-for-profit entities begin by identifying their limited applicability.

Tier 1
For-profit entities complying with AASB 108 also comply with IAS 8.
Not-for-profit entities' compliance with IAS 8 will depend on whether any "Aus" paragraphs that specifically apply to not-for-profit entities provide additional guidance or contain applicable requirements that are inconsistent with IAS 8.

Tier 2
Entities preparing general purpose financial statements under Australian Accounting Standards – Simplified Disclosures (Tier 2) will not be in compliance with IFRS Standards.
AASB 1053 Application of Tiers of Australian Accounting Standards explains the two tiers of reporting requirements.

Accounting Standard AASB 108

The Australian Accounting Standards Board made Accounting Standard AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors under section 334 of the Corporations Act 2001 on 7 August 2015.

This compiled version of AASB 108 applies to annual periods beginning on or after 1 January 2023.  It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 30 March 2021 (see Compilation Details).

Accounting Standard AASB 108

Accounting Policies, Changes in Accounting Estimates and Errors

Objective
1 The objective of this Standard is to prescribe the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and corrections of errors. The Standard is intended to enhance the relevance and reliability of an entity's financial statements, and the comparability of those financial statements over time and with the financial statements of other entities.
          AusCF1 AusCF paragraphs and footnotes included in this Standard apply only to:
               (a) not-for-profit entities; and
               (b) for-profit entities that are not applying the Conceptual Framework for Financial Reporting (as identified in AASB 1048 Interpretation of Standards).
          Such entities are referred to as 'AusCF entities'.  For AusCF entities, the term 'reporting entity' is defined in AASB 1057 Application of Australian Accounting Standards and Statement of Accounting Concepts SAC 1 Definition of the Reporting