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Australian Accounting Standard Essay

465 Words2 Pages

AASB 108 prescribes the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, estimates and corrections of errors. This enhances 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. The new accounting treatment which is to capitalize the borrowing cost on financing the construction of yacht as opposed to expense is a change in accounting policy. According to AASB 108 an entity shall change an accounting policy only if the change is required by an Australian Accounting Standard or results in the financial statements providing …show more content…

However when retrospective application is impracticable to determine either the period specific effects or the cumulative effect of the change, the entity shall apply the new accounting policy to the carrying amounts of assets and liabilities as at the beginning of the earliest period for which retrospective application is practicable, which may be the current period, and shall make a corresponding adjustment to the opening balance of each affected component of equity for that period. According to Section 25, when it is impracticable to determine the cumulative effect, at the beginning of the current period, the entity shall adjust the comparative information to apply the new accounting policy prospectively from the earliest date practicable. It therefore disregards the portion of the cumulative adjustment to assets, liabilities and equity arising before that

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