Question: Query Three I have read in there have been changes in some accounting estimates and that these have been recognized prospectively. I am not sure

Query Three I have read in there have been changes in some accounting estimates and that these have been recognized prospectively. I am not sure I fully understand this thing about accounting estimates. I get confused about (1) the exact meaning of a change in accounting estimate, (ii) recognition and (iii) disclosure. What exactly is each of these three things according to IAS 8? (4 Marks) Required: With reference to relevant IFRSs, provide answers to the queries raised by the trainee. You should justify your answers with reference to relevant International Financial Reporting Standards (IFRS). Note: The mark allocation is shown against each of the three queries above

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