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The Interpretations Committee drafts a tentative agenda decision

 07 January 2011


IAS 8 requires that management use judgement in developing and applying an accounting policy that is relevant and reliable, in the absence of an IFRS that specifically applies to a transaction. IAS 8 specifies that management shall refer to and consider the applicability of requirements in IFRSs dealing with similar and related issues. The Committee received a question as to whether it could be appropriate to only consider certain aspects of an IFRS being analogised to, or whether all aspects of the IFRS being analogised to would be required to be applied.

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