IAS 8, titled "Accounting Policies, Changes in Accounting Estimates and Errors", is a standard issued by the International Accounting Standards Board (IASB). Its primary purpose is to prescribe the criteria for selecting and changing accounting policies, the treatment of changes in accounting estimates, and the guidelines for correcting errors in financial statements. Under this standard, when an accounting policy is changed, it is generally applied retrospectively to ensure comparability between accounting periods unless it is impractical to do so. For example, if a company changes its method of depreciation for an asset, the new policy must be applied to past financial statements as if it had always been in place, ensuring a consistent presentation for readers.

The identifier "Accounting Estimates" as per IAS 8, refers to judgment or assumptions made based on currently available information to value provisions, accrued expenses, or classify uncertain situations within financial reports. Examples include reassessments of asset useful lives or allowance for doubtful debts. If there are material errors identified in prior period financial statements, they should be corrected retrospectively, restating prior period financial figures as necessary. Compliance with IAS 8 helps ensure that financial information is comparable, timely, and reliable for stakeholders, aligning with broader objectives of transparency and fair reporting in the framework of International Financial Reporting Standards (IFRS).