If a particular transaction is not specifically addressed by IFRS, where should an accountant turn to find a hierarchy of guidance to be consicered in the selection of an accounting policy?

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IAS 8 provides a hierarchy of guidance to be considered in the selection of an accounting policy if a particular transaction is not specifically addressed by IFRS. This hierarchy includes: (1) applying the requirements of IFRS that deal with similar issues and contain specific guidance, (2) considering any applicable IFRIC Interpretations or other relevant and authoritative pronouncements of other standard-setting bodies, (3) developing and applying a policy that results in information that is relevant and reliable, and (4) discussing the accounting policy with the company's external auditors. Accounting standards from other countries or the company's board of directors may not be relevant in this situation.

If a Particular Transaction Is Not Specifically Addressed by IFRS