IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors ( QUIZ 001 )

1. Which one from below in not topic of discussion of IAS 8

• Selecting accounting policies.
• Applying accounting policies.
• Accounting for changes in accounting policies.
• Accounting for changes in accounting estimates.
• Accounting for prior period errors.
• Accounting for property, plant and equipment.
Check Answer

2. Accounting policies defined in IAS 8 as “ Specific principles, basis, convention , rules and practices applied in preparing and presenting

• Statement of financial position only.
• Statement of total comprehensive income only.
• Fixed assets schedule only.
• Financial statements.
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3. International financial reporting standards (IFRSs) include

• International Financial Reporting Standards.
• International Accounting Standards.
• IFRIC Interpretations.
• SIC Interpretations.
• All above are included.
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4. Material Omissions or misstatements of items are material if they could, individually or collectively; influence the economic decisions that users make on the basis of the financial statements.


• True
• False
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5. Prior period errors not includes

• Effects of mathematical mistakes.
• Mistakes in applying accounting policies.
• Oversights or misinterpretations of facts.
• Errors in director’s commentary in prior period’s reports.
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6. Applying a requirement is impracticable

• When entity can not apply after doing any reasonable effort.
• When board of directors is not willing apply that requirement.
• When loan providers institution are not willing to apply requirement.
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7. Applying new accounting policy to transaction , other events and conditions occurring after the date as at which the policy is changed is

• Retrospective application
• Prospective application.
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8. When an IFRS specifically applies to a transaction, other event or condition, the accounting policy applied shall be determined

• By applying that specific IFRS.
• By applying GAAP
• By decision of board of directors.
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9. IFRSs accompanied guidance that are not integral part of IFRSs

• Contains requirements for financial statements.
• Does not contain requirements for financial statements.
• Contains requirements for statement of financial position.
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10. Name if IAS 8 is Accounting Policies, Changes in Accounting Estimates and Errors.

• False
• True
Check Answer 

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