New UK GAAP 2015: Application of FRS 100-102 in the UK

Chapter 7 Accounting policies, estimates and errors

1 Introduction

2 Comparison between Section 10, previous UK GAAP and IFRS

   2.1 Key differences between Section 10 and previous UK GAAP

       2.1.1 Hierarchy for selecting accounting policies

       2.1.2 Prior period errors

       2.1.3 Presentation of prior year restatements

       2.1.4 Impracticability of prior year restatements

       2.1.5 Key disclosure differences

   2.2 Key differences between Section 10 and IFRS

       2.2.1 Hierarchy for selecting accounting policies

       2.2.2 Key disclosure differences

3 Requirements of Section 10 for accounting policies, estimates and errors

   3.1 Terms used in Section 10

   3.2 Selection and application of accounting policies

   3.3 Consistency of accounting policies

   3.4 Changes in accounting policies

       3.4.1 Applying changes in accounting policies

       3.4.2 Retrospective application of accounting policy changes

   3.5 Changes in accounting estimates

   3.6 Corrections of prior period errors

   3.7 Disclosures of a change in accounting policy, changes in accounting estimates and corrections of prior period errors

       3.7.1 Disclosure of a change in accounting policy

       3.7.2 Disclosure of a change in accounting estimate

       3.7.3 Disclosure of prior period errors

4 Company law matters

   4.1 Corrections of prior period errors and defective accounts

5 Summary of GAAP differences

List of Examples

   Example 7.1: Retrospective application of change in ...