IAS 8
Accounting policies

An entity can change an accounting policy only if it is required by an IFRS or results in the financial statements providing reliable and more relevant information. If the change is due to requirement by an IFRS, an entity shall account for the change from the initial application of the IFRS in accordance with the specific transitional provisions (i.e. the standard may specify retrospective application or only prospective application), if any. Where there are no specific transitional provisions in the IFRS requiring the change in accounting policy, or an entity changes an accounting policy voluntarily, it should apply the change retrospectively.
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