Accounting policies, accounting estimates and errors   LO1, 2, 4 In order to comply with AASB 108/IAS 8, determine whether the following changes should be accounted for prospectively or retrospectively. 1. A change in accounting estimate 2. A voluntary change in an accounting policy 3. A change in accounting policy required by a new or revised accounting standard 4. An immaterial error discovered in the current year, relating to a transaction recorded 3 years ago 5. A material error discovered in the current year, relating to a transaction recorded 3 years ago (Management determines that retrospective application would cause undue cost and effort)