The Board proposed amending IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to simplify the application of accounting policy changes that result from an agenda decision. The Board proposed doing so by adding a cost-benefit threshold for retrospective application of such changes.
Feedback on the project was mixed and raised doubts about the expected benefits of proceeding with the project. Respondents raised numerous questions and concerns about the proposals, including concerns that the proposals would be challenging and costly to apply as well as difficult to enforce and audit. The Board also noted that developments since publishing the Exposure Draft had reduced the need for the amendments—in particular, the revision of the IFRS Foundation’s Due Process Handbook in 2020 to better describe the role of agenda decisions and the visibility of the Board’s views on the timing of applying an accounting policy change that results from an agenda decision.
Having considered the feedback and these developments, the Board decided not to proceed with the project.