Ikhwan Manufacturing Berhad $($IMB$)$ current year$-$end was $31$ December $2023.$ During the

review of the current year's financial statement, the following matters have been brought to

your attention as the company$$s accountant.

$1)$ IMB policy is to provide provision for a warranty of their total sales for the current year. For

the year ended $2022,$ a provision for warranty $($PW$)$ of $2\%$ was provided. The amount

provided was RM$200,000.$ In June $2023,$ IMB$$s management decided to increase the

amount to $3\%$ per annum. As of $31$ December $2023,$ the total sales were RM$10\mathrm{.}5$ million.

$2)$ Interest expenses of RM$100,000$ for the year ended $2022$ were accidentally not recognise

in IMB$$s accounting book. The interest expenses were finally paid in June $2023.$

$3)$ On $1$ January $2022,$ IMB purchased a property for RM$500,000.$ The cost model was used

in recognising the property. IMB estimated the machine's useful life was $10$ years. In

December $2023,$ IMB decided to change to a revaluation model. Depreciation charges

for the year $2023$ have been recognized in the IMB accounting book. The fair value of

the property as of $1$ January $2023$ and $31$ December $2023$ were RM$510,000$ and

RM$560,000$ respectively.

$4)$ On $1$ January $2022,$ a machine was purchased for RM$700,000.$ IMB estimated the

machine's useful life was $10$ years. In January $2023,$ IMB decided to revise the machine's

useful life to $5$ years instead after a consultation with a professional valuer.

Required:

a$)$ Classify independently each of the above four cases as changes in accounting policy,

changes in accounting estimate, or prior period errors as per MFRS$108.$

$(4$ marks$)$

b$)$Discuss the actions that the entity needs to take to remedy the changes or errors.

$(4$ marks$)$