SFAI member · international network in 70 countries
Home / Glossary / Accounting policies
Glossary · Financial Reporting

What is Accounting policies?

The specific principles, bases, conventions, rules and practices an entity applies in preparing its financial statements.

Accounting policies must be applied consistently; they may be changed only if a standard requires it or if the change provides more reliable and relevant information, and changes are applied retrospectively. Changes in accounting estimates are applied prospectively.

Prior-period errors are also corrected retrospectively and comparative amounts restated.

Source: TAS 8

Related terms

Last updated: October 22, 2026 · This definition is for general information only.

CallRequest a Proposal