Objective and Scope of Ind AS 8 - Ind AS - Indian Accounting Standards - Companies Law

Objective and Scope of Ind AS 8 Objective The objective of this standard is to prescribe criteria for Selecting accounting policies; Changes in Accounting policies. Accounting Treatment Presentation and Disclosure of Changes in Accounting estimates; Changes in Accounting policies; Correction of prior period Errors; The Standard is intended to enhance the relevance and reliability of an entity s financial statements, and the comparability of those financial statements over time and with the financial statements of other entities. Scope This Standard shall be applied in - selecting and applying accounting policies, and accounting for changes in accounting policies, changes in accounting estimates and corrections of prior period errors. It doe not deal with the tax effect if corrections of prior period errors.