KSN Professional Accountants 

Amendments

The amendments will help companies: improve accounting policy disclosures so that they provide more useful information to investors and other primary users of the financial statements; and. distinguish changes in accounting estimates from changes in accounting policies. The amendments introduced the definition of accounting estimates and included other amendments to IAS 8 to help entities distinguish changes in accounting. 

When making amendments in accounting there are five principles to ensure one follows. These five principles are : 

  • Revenue Recognition Principle. When you are recording information about your business, you need to consider the revenue recognition principle. ...
  • Cost Principle. ...
  • Matching Principle. ...
  • Full Disclosure Principle. ...
  • Objectivity Principle.

 

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