Accounting estimates and errors  LO2, 3 Young Ltd estimates its future liability for repairs to products sold with a 12-month warranty as a percentage of its net credit sales. Warranty expense and actual repair costs for the last 2 years ending 30 June were as follows. Warranty provisions Actual costs 2019–20 $40 000 $64 000 2020–21 44 000 73 000 Required Comment on Young Ltd’s accounting method for warranty liabilities. What action should be taken with respect to the accounting estimates? If an investigation during 2021–22 finds that the figure for warranty expense was incorrectly calculated for 2020–21 and should have been $70 000, what action is required under AASB 108/IAS 8?