This video helps me understand that changes in accounting policies and corrections of errors are generally retrospectively accounted unless this is impracticable or unless another IFRS Standard sets specific transitional provisions, whereas changes in accounting estimates are generally accounted for on a prospective basis. It estimates result from new information or new developments and including it in profit or loss.
After i watched this video, now that I've learned how the Accounting policies is important because it is a principle, rules and guidelines that can really help a business in preparing and presenting their financial statements.
Throughout this educational video, I've learned that Changes in accounting policies necessary to enhance the relevance and reability of information contained in the financial statements, Changes in accounting estimates talk about certain estimates like the rates the values, amounts and so on, a change that has the effect of adjusting the carrying amount of an existing asset or liability or altering the subsequent accounting for existing or future assets or liabilities, and Correction of prior error meaning there we as an error committed in the previous period it can be intentional or unintentional misapplication of principles. And also I've learned that when it's difficulty to distinguish a change in accounting policy from a change in accounting estimates, the standard actually gives in favor to changes accounting estimate because is easier to apply than changes of an accounting policy. Thank you sir 🙂
I have learned about accounting policies and also why is it being done, for in order to be able to produce the desired outputs of the accounting processes which are the financial statements. In addition to that, PFRSs has 3 components which are adopted from FRSC, a Philippine version of IASB. It was also discuss the hierarchy of reporting standards, accounting estimates and errors.
After watching the video, I have learned that when we are going to alter the financial statements for example, make estimations and committed errors intentional/unintentional, we have to follow respective standards, specifically here in Philippines we have to follow the policies of PFRS in order to make the financial report relevant, reliable and faithfully presented.
In this video lesson I learned about the definition of both accounting policy and accounting estimate, and the difference of changes between them and the criteria to make these changes. I also learned of the method of treatment of these changes along with changes to prior errors.
In this video, I've learned about change in accounting policy, change in accounting estimate and errors. They are intended to enhance the relevance, reliability and comparability of the business' financial statements. I also learned about the importance in selecting and applying accounting policies where an entity shall refer to the Hierarchy of Reporting Standards for guidance. And it should be noted that PAS 8 permits a change in accounting policy only if the change is : - required by a PFRSs; or - results in relevant and more reliable information.
For this lesson I've learned the Scope of Accounting Policies, Changes in Accounting Estimates and Errors. Accounting policy that has been a change to the specific policy the convention the rule the practice in the company in terms of accounting. Changes in Accounting Estimates that changes of the expected inflow and outflow of economic benefits from assets or liabilities. And Correction of prior error that is intentional and unintentional misapplication and it also to be misunderstand the facts and the mistakes. Lastly, if there is a difficulty of accounting policy is you have to change of accounting estimate.
In this video i learned about the accounting policies and the changing in accounting estimate and error... And how to deal the changing transactions in account and accounting polices are relevant PFRSs that accounting policies are the specific principles basis of financial statements and all about the and the three compositions standards of PFRs and the hierarchy of reporting standards
This video gives me the knowledge about the Scopes of the PAS 8 or the Accounting Policies, Changes in Accounting Estimates and Errors. Changes in Accounting Policy ( it said that there is a sudden change in a specific practice or rules in the accounting process of a business or a company, then the Change in Accounting Estimate ( there is a changes of the amount of expected inflow and outflow of the economic benefits from assets or liabilities) and lastly the Correction of Prior Period Error (so from the word error, it means that there is something wrong or an error in the previous periods it may be intentional or not and also be in a miscalculation numbers). We should also remember that we shall only change an accounting policy if the change is required by a PFRSs.
This session is talking about PAS 8. Following certain standards is a must when you are engaging to the change of errors or corrections. The effects of the adjustments that will be made. Change in accounting policy also described as measurement basis.
In this video, I learned that the accounting policies are the relevant PFRSs (Philippine Financial Reporting Standards) adopted by the entity in preparing and presenting its financial statements. Also, about the change in accounting estimate that it talked about the rates, values or the amounts and it is a change in the realization or incurrence of expected inflow or outflow of economic benefits from assets and liabilities. For the prior period error, it means there was an error committed in the previous period and it could be intentional and unintentional misapplication of principles or mathematical mistakes. Lastly, if we apply the accounting policy it would result to more relevant information and it means it would result to a meaningful and useful decision making of the users and it would make more differences on the decision making.
In this video session I learned that changes in accounting policies and corrections of errors are generally retrospectively accounted for, while changes in accounting estimates are generally accounted for on a prospective basis. Meanwhile when it comes to errors, an entity need to or must correct all the material prior period errors respectively in the first set of financial statements authorized for issue after their discovery.
In this video I've learned that the change in accounting policy is the change in method or measurement basis, and and entity shall change accounting policy if it will result to a more relevant and reliable information.
In this new lesson, I have learned that Changes in accounting policies is required in a standard interpretation, it is rules and regulations that must follow and the results provide reliable and more relevant information about the effects of transactions, other events or conditions on the entity's financial position or performance. And any change in an accounting policy which has a significant effect should be disclosed effectively.
In this session, I've learned about the change in accounting policy, change in accounting estimates and errors. I also learned that accounting can also be applied non-profit organizations. If you apply the accounting policy it would result to more relevant information.
In this session, I have learned about the scope of PAS 8. The change in accounting policy, change in accounting estimate and correction of prior period error and their treatment as well as the effect of the adjustments. Most importantly following a specific standard in order to provide a reliable, relevant and faithfully repesented information. And lastly an entity can only change an accounting policy if it is required by a PFRS or results to a more relevant and reliable information.
For this session, it talks about the change in accounting policies, changes in accounting estimates and errors. I have learned that we really need to follow the specific standards in order to provide relevant information. Also, an entity shall change the accounting policy if the change is either required by a PFRSs or would results to a more relevant and reliable information about and entity's financial position, performance and cash flows.
In this session, I have learned that accounting policies are the rules to be applied in a company or by an entity in preparing the financial statement and has the standards that are being utilize in order to produce the accounting policies. And in accounting estimates talk about the estimates like the rates, values and amounts or money and then the errors there was an error committed in the previous period
In this video I able to learn the change in accounting policy, change in accounting estimate and errors. Change in Accounting Policy change in measurement basis and the effect of adjustment is on the beginning balance of retained earnings, if accounted for retrospectively, the Change in Accounting Estimate changes in the realization of expected inflow of economic benefits from assets and the effect of adjustment is in the profit or loss of current period or current and future periods in the change affects both and lastly, Error or Correction of prior period error is unintentional and intentional misapplication of principles and mathematical mistakes and the effect of adjustment on the beginning balance of retained earnings, if accounted for retrospectively.
With this discussion, PAS 8 deals and prescribes the criteria for selecting, applying, changing accounting policies and disclosure of changes in accounting policies, accounting estimates, and corrections of prior period errors. The change in accounting policy means the change in a specific policy, rule, and practice in the company. A change of the method that we use of accounting transactions. Changes in accounting estimates would result from new information or new developments and are not corrections of errors. Correction of prior period errors are errors committed in the previous period.
In this session, I've learned that Accounting policies are the specific principles and procedures implemented or being utilized and used by the company's management team that are used to prepare its financial statements that would result in relevant and reliable information. Changes in accounting estimates is to determine the carrying amounts of assets & liabilities and the associated expense or income for the period where such amounts cannot be measured precisely. While, correction of prior period error could be applied when there are misstatements, misinterpreted or has a mathematical errors in financial statements resulting from various kinds of mistakes.
In this video, I've learned that Change in accounting policies should be made only if the change is required by IFRS also if change will result in a more appropriate transaction in the financial statements of the entity. Changes in accounting estimate are not applied retrospectively, example is bad debt estimate which affects the current period. Errors - prior period errors must be corrected retrospectively, for example mathematical mistake.
Uncleared,Sometimes you need to ellablrate your explaination and give a situational xample as well for others to visualize the effect of this,You're no longer explaining but reading
![[CFAS] Lecture 07 - IAS 8: Accounting Policies, Changes in Accounting Estimates, and Errors](http://i.ytimg.com/vi/Kkq8ORbVvSU/mqdefault.jpg)
![KSI - Dirty [Official Visualiser]](http://i.ytimg.com/vi/VoDh1h1dPUE/mqdefault.jpg)
This video helps me understand that changes in accounting policies and corrections of errors are generally retrospectively accounted unless this is impracticable or unless another IFRS Standard sets specific transitional provisions, whereas changes in accounting estimates are generally accounted for on a prospective basis. It estimates result from new information or new developments and including it in profit or loss.
After i watched this video, now that I've learned how the Accounting policies is important because it is a principle, rules and guidelines that can really help a business in preparing and presenting their financial statements.
Throughout this educational video, I've learned that Changes in accounting policies necessary to enhance the relevance and reability of information contained in the financial statements, Changes in accounting estimates talk about certain estimates like the rates the values, amounts and so on, a change that has the effect of adjusting the carrying amount of an existing asset or liability or altering the subsequent accounting for existing or future assets or liabilities, and Correction of prior error meaning there we as an error committed in the previous period it can be intentional or unintentional misapplication of principles. And also I've learned that when it's difficulty to distinguish a change in accounting policy from a change in accounting estimates, the standard actually gives in favor to changes accounting estimate because is easier to apply than changes of an accounting policy. Thank you sir 🙂
I have learned about accounting policies and also why is it being done, for in order to be able to produce the desired outputs of the accounting processes which are the financial statements. In addition to that, PFRSs has 3 components which are adopted from FRSC, a Philippine version of IASB. It was also discuss the hierarchy of reporting standards, accounting estimates and errors.
After watching the video, I have learned that when we are going to alter the financial statements for example, make estimations and committed errors intentional/unintentional, we have to follow respective standards, specifically here in Philippines we have to follow the policies of PFRS in order to make the financial report relevant, reliable and faithfully presented.
In this video lesson I learned about the definition of both accounting policy and accounting estimate, and the difference of changes between them and the criteria to make these changes. I also learned of the method of treatment of these changes along with changes to prior errors.
In this video, I've learned about change in accounting policy, change in accounting estimate and errors.
They are intended to enhance the relevance, reliability and comparability of the business' financial statements.
I also learned about the importance in selecting and applying accounting policies where an entity shall refer to the Hierarchy of Reporting Standards for guidance.
And it should be noted that PAS 8 permits a change in accounting policy only if the change is :
- required by a PFRSs; or
- results in relevant and more reliable information.
For this lesson I've learned the Scope of Accounting Policies, Changes in Accounting Estimates and Errors. Accounting policy that has been a change to the specific policy the convention the rule the practice in the company in terms of accounting. Changes in Accounting Estimates that changes of the expected inflow and outflow of economic benefits from assets or liabilities. And Correction of prior error that is intentional and unintentional misapplication and it also to be misunderstand the facts and the mistakes. Lastly, if there is a difficulty of accounting policy is you have to change of accounting estimate.
In this video i learned about the accounting policies and the changing in accounting estimate and error... And how to deal the changing transactions in account and accounting polices are relevant PFRSs that accounting policies are the specific principles basis of financial statements and all about the and the three compositions standards of PFRs and the hierarchy of reporting standards
This video gives me the knowledge about the Scopes of the PAS 8 or the Accounting Policies, Changes in Accounting Estimates and Errors. Changes in Accounting Policy ( it said that there is a sudden change in a specific practice or rules in the accounting process of a business or a company, then the Change in Accounting Estimate ( there is a changes of the amount of expected inflow and outflow of the economic benefits from assets or liabilities) and lastly the Correction of Prior Period Error (so from the word error, it means that there is something wrong or an error in the previous periods it may be intentional or not and also be in a miscalculation numbers). We should also remember that we shall only change an accounting policy if the change is required by a PFRSs.
This session is talking about PAS 8. Following certain standards is a must when you are engaging to the change of errors or corrections. The effects of the adjustments that will be made. Change in accounting policy also described as measurement basis.
In this video, I learned that the accounting policies are the relevant PFRSs (Philippine Financial Reporting Standards) adopted by the entity in preparing and presenting its financial statements. Also, about the change in accounting estimate that it talked about the rates, values or the amounts and it is a change in the realization or incurrence of expected inflow or outflow of economic benefits from assets and liabilities. For the prior period error, it means there was an error committed in the previous period and it could be intentional and unintentional misapplication of principles or mathematical mistakes. Lastly, if we apply the accounting policy it would result to more relevant information and it means it would result to a meaningful and useful decision making of the users and it would make more differences on the decision making.
In this video session I learned that changes in accounting policies and corrections of errors are generally retrospectively accounted for, while changes in accounting estimates are generally accounted for on a prospective basis. Meanwhile when it comes to errors, an entity need to or must correct all the material prior period errors respectively in the first set of financial statements authorized for issue after their discovery.
In this video I've learned that the change in accounting policy is the change in method or measurement basis, and and entity shall change accounting policy if it will result to a more relevant and reliable information.
In this new lesson, I have learned that Changes in accounting policies is required in a standard interpretation, it is rules and regulations that must follow and the results provide reliable and more relevant information about the effects of transactions, other events or conditions on the entity's financial position or performance. And any change in an accounting policy which has a significant effect should be disclosed effectively.
In this session, I've learned about the change in accounting policy, change in accounting estimates and errors. I also learned that accounting can also be applied non-profit organizations. If you apply the accounting policy it would result to more relevant information.
In this session, I have learned about the scope of PAS 8. The change in accounting policy, change in accounting estimate and correction of prior period error and their treatment as well as the effect of the adjustments. Most importantly following a specific standard in order to provide a reliable, relevant and faithfully repesented information. And lastly an entity can only change an accounting policy if it is required by a PFRS or results to a more relevant and reliable information.
For this session, it talks about the change in accounting policies, changes in accounting estimates and errors. I have learned that we really need to follow the specific standards in order to provide relevant information. Also, an entity shall change the accounting policy if the change is either required by a PFRSs or would results to a more relevant and reliable information about and entity's financial position, performance and cash flows.
In this session, I have learned that accounting policies are the rules to be applied in a company or by an entity in preparing the financial statement and has the standards that are being utilize in order to produce the accounting policies. And in accounting estimates talk about the estimates like the rates, values and amounts or money and then the errors there was an error committed in the previous period
In this video I able to learn the change in accounting policy, change in accounting estimate and errors. Change in Accounting Policy change in measurement basis and the effect of adjustment is on the beginning balance of retained earnings, if accounted for retrospectively, the Change in Accounting Estimate changes in the realization of expected inflow of economic benefits from assets and the effect of adjustment is in the profit or loss of current period or current and future periods in the change affects both and lastly, Error or Correction of prior period error is unintentional and intentional misapplication of principles and mathematical mistakes and the effect of adjustment on the beginning balance of retained earnings, if accounted for retrospectively.
With this discussion, PAS 8 deals and prescribes the criteria for selecting, applying, changing accounting policies and disclosure of changes in accounting policies, accounting estimates, and corrections of prior period errors. The change in accounting policy means the change in a specific policy, rule, and practice in the company. A change of the method that we use of accounting transactions. Changes in accounting estimates would result from new information or new developments and are not corrections of errors. Correction of prior period errors are errors committed in the previous period.
In this session, I've learned that Accounting policies are the specific principles and procedures implemented or being utilized and used by the company's management team that are used to prepare its financial statements that would result in relevant and reliable information. Changes in accounting estimates is to determine the carrying amounts of assets & liabilities and the associated expense or income for the period where such amounts cannot be measured precisely. While, correction of prior period error could be applied when there are misstatements, misinterpreted or has a mathematical errors in financial statements resulting from various kinds of mistakes.
In this video, I've learned that Change in accounting policies should be made only if the change is required by IFRS also if change will result in a more appropriate transaction in the financial statements of the entity. Changes in accounting estimate are not applied retrospectively, example is bad debt estimate which affects the current period. Errors - prior period errors must be corrected retrospectively, for example mathematical mistake.
Uncleared,Sometimes you need to ellablrate your explaination and give a situational xample as well for others to visualize the effect of this,You're no longer explaining but reading