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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