| 10.8 | An entity shall change an accounting policy only if the change: |
| (a) | is required by an FRS; or [AMD 278] |
| (b) | results in the financial statements providing reliable and more relevant information about the effects of transactions, other events or conditions on the entity's financial position, financial performance or cash flows. |
| 10.9 | The following are not changes in accounting policies: |
| (a) | the application of an accounting policy for transactions, other events or conditions that differ in substance from those previously occurring; |
| (b) | the application of a new accounting policy for transactions, other events or conditions that did not occur previously or were not material; and |
| (c) | a change to the cost model when a reliable measure of fair value is no longer available (or vice versa) for an asset that an FRS would otherwise require or permit to be measured at fair value. [AMD 279] |
| 10.10 | If an FRS allows a choice of accounting treatment (including the measurement basis) for a specified transaction or other event or condition and an entity changes its previous choice, that is a change in accounting policy. [AMD 280] |
| 10.10A | The initial application of a policy to revalue assets in accordance with Section 17 Property, Plant and Equipment or Section 18 Intangible Assets other than Goodwill is a change in accounting policy to be dealt with as a revaluation in accordance with those sections, rather than in accordance with paragraphs 10.11 and 10.12. |
| AMD 278 Amendment Paragraph 10.8(a) amended by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017) Effective date 01/01/2019 Previous text (a) is required by an FRS or FRC Abstract; or |
| AMD 279 Amendment Paragraph 10.9(c) amended by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017) Effective date 01/01/2019 Previous text (c) a change to the cost model when a reliable measure of fair value is no longer available (or vice versa) for an asset that an FRS or FRC Abstract would otherwise require or permit to be measured at fair value. |
| AMD 280 Amendment Paragraph 10.10 amended by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017) Effective date 01/01/2019 Previous text 10.10 If an FRS or FRC Abstract allows a choice of accounting treatment (including the measurement basis) for a specified transaction or other event or condition and an entity changes its previous choice, that is a change in accounting policy. |
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