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unting policies:
IAS 8 now requires retrospective application of voluntary changes in accounting policies and retrospective restatement to correct all material prior period errors. Previously IAS 8 contained an alternative, for both situations, of including the effects in the profit or loss for the current period. When this alternative was applied, comparative information was not amended. Under the improved standard comparatives are restated. (IAS 8 see paragraphs IN8-IN9)

IAS10 Events after the balance sheet date
IAS 10 needs to be improved to make the principle clearer, that is that dividends not yet paid should not be recognized as a liability unless there is an unavoidable obligation to pay them existing at the balance sheet date (in line with IAS37). The process of the approval and determination of dividends tends to be a matter which varies from one jurisdiction to another. The meanings of 'proposed' and 'declared' dividends will not be clear in all countries. (IAS 10 see paragraph 32)

IAS16 Property plant and equipment
An entity is required to measure an item of property, plant and equipment acquired in exchange for a non-monetary asset or assets, or a combination of monetary and non-monetary assets, at fair value unless the exchange transaction lacks commercial substance. (IAS 16 see paragraph IN 5)

IAS17 Leases
Initial direct costs of finance lessors can no longer be charged as expense as incurred. Instead, they are included in the carrying amount of the leased asset and recognized as an expense over the lease term. Manufacturer-dealer lessors recognize costs of this type as an expense when the selling profit is recognized. (IAS 17 see paragraph IN 12)

It has been clarified that land and buildings elements of a lease of land and buildings need to be considered separately. The land element is normally an operating lease unless title passes to the lessee at the end of the lease term. The buildings element is classified as an operating or financial lease by applying the classification criteria.
IAS21 Effects of Changes in foreign exchange rates
Exchange differences resulting from severe devaluation or depreciation of a currency against which there is no means of hedging can no longer be capitalized. (IAS 21 see paragraph IN 10)

IAS24 Related party disclosures
The definition of related parties and the disclosure requirement for related parties have both been expanded by adding parties (e.g. joint ventures and post-employment benefit plans) and by requiring disclosure of transactions, balance, terms and conditions, details of guarantees. (IAS 24 see paragraphs IN 8 and IN11-IN13) Entities are also required to disclose the compensation of key management personnel.

IAS27 Consolidated and Separate Financial Statements
Entities are required to present minority interests in the consolidated balance sheet within equity, separately from the parent shareholder equity. Consolidation, if required, is regardless of the nature of the parent entity. Thus the requirement to consolidate controlled subsidiaries applies to parent entities that are venture capital organizations, mutual fund and unit trusts. (IAS 27 see paragraph IN8)

IAS28 Investments in Associates
Investors must consider th