| 10.11 | An entity shall account for changes in accounting policy as follows: |
| (a) | an entity shall account for a change in accounting policy resulting from a change in the requirements of an FRS in accordance with the transitional provisions, if any, specified in that amendment; [AMD 281] |
| (b) | when an entity has elected to follow IAS 39 Financial Instruments: Recognition and Measurement and/or IFRS 9 Financial Instruments instead of following Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues as permitted by paragraph 11.2, and the requirements of IAS 39 and/or IFRS 9 change, the entity shall account for that change in accounting policy in accordance with the transitional provisions, if any, specified in the revised IAS 39 and/or IFRS 9; and |
| (c) | when an entity is required or has elected to follow IAS 33, IFRS 8 or IFRS 6 and the requirements of those standards change, the entity shall account for that change in accounting policy in accordance with the transitional provisions, if any, specified in those standards as amended; and |
| (d) | an entity shall account for all other changes in accounting policy retrospectively (see paragraph 10.12). |
| AMD 281 Amendment Paragraph 10.11(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) an entity shall account for a change in accounting policy resulting from a change in the requirements of an FRS or FRC Abstract in accordance with the transitional provisions, if any, specified in that amendment; |
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