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IFRS

 
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IFRS
idreesdurrani
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#8
03-17-2008, 10:09 PM
<font color="navy"></font id="navy"><font size="3"></font id="size3"><font face="Century Gothic">Dear KamranACA,

As you know, a change in accounting policy also results in financials statements providing more relevant and reliable information.

In my opinion this should be accounted for as a change in Accounting policy and applied restrosepctively. The reasons which come to my mind is that this change implies a revision in the basis for the measurement of stock and any change in the measurement bases falls under a change in accounting policy.

Further argument could be that if it is treated as a change in Accounting estimate it may give rise to income statement volatility. Reporting entities may manipulate their results by changing the cost formula.

But as you said, this is equivocal.</font id="Century Gothic">
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Messages In This Thread
IFRS - by yasinACCA - 02-28-2008, 06:14 PM
[No subject] - by kamranACA - 02-28-2008, 06:32 PM
[No subject] - by idreesdurrani - 02-28-2008, 08:43 PM
[No subject] - by yasinACCA - 02-28-2008, 09:47 PM
[No subject] - by idreesdurrani - 03-04-2008, 03:34 PM
[No subject] - by idreesdurrani - 03-17-2008, 05:35 PM
[No subject] - by kamranACA - 03-17-2008, 07:56 PM
[No subject] - by idreesdurrani - 03-17-2008, 10:09 PM

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