029 Newly issued standards: Accounting Policies, Changes in Accounting Estimates and errors
They issued a new accounting standard on 4 December 2009. According to this standard, changes in accounting policies are exposed to retrospective application if not affected by special provision from other standards. They are also expected to restate the past data of comparative period presented in the financial statements when they find errors that should be corrected.
This standard will be effective for the disclosure of financial statements for the year beginning from 1st April 2011 or after. Accompanied by the issue of this standard, related standards are also soon to be revised.
