Question: 1. What is the difference between a change in accounting policy and a change in accounting estimate? 2. What is the meaning of retrospective application

1. What is the difference between a change in accounting policy and a change in accounting estimate?

2. What is the meaning of retrospective application versus prospective application in IAS 8?

3. If an entity changes its inventory valuation policy from FIFO to Weighted Average Method, discuss the impact of these change on the entity's financial statements.

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