UK GAAP 2019

Chapter 9Accounting policies, estimates and errors

• 1 INTRODUCTION
• 2 COMPARISON BETWEEN SECTION 10 AND IFRS
  • 2.1 Hierarchy for selecting accounting policies
  • 2.2 Key presentation and 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 Disclosure of a change in accounting policy, a change in accounting estimate and 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
  • 3.8 Amendments to Section 10 from the Triennial review 2017
• 4 COMPANY LAW MATTERS
  • 4.1 Corrections of prior period errors and defective accounts
• 5 SUMMARY OF GAAP DIFFERENCES

List of examples

• Example 9.1: Retrospective application of change in accounting policy (ignoring tax)
• Example 9.2: Retrospective restatement of prior period error

Chapter 9Accounting policies, estimates and errors

1 INTRODUCTION

Section 10 – Accounting Policies, Estimates and Errors – sets out the requirements for: (a) selecting and applying the accounting policies used in preparing financial statements: (b) accounting for changes in accounting ...