PUBLISHED FINANCIAL STATEMENTS QUESTION AND ANSWERS

QUESTION 2

  In accordance with International Accounting Standard (IAS) 8. Accounting Policies. Changes in Accounting Estimates and Errors, explain the circumstances in which an entity is permitted to change its accounting policies

• The change is required by an IFRS
• The change results in the financial statements providing reliable and more relevant information about the effects of transactions, other events or conditions on the entity’s financial position, financial performance or cash flows.

The change is required by statute