QUESTION 2 (25 marks) (a) IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors lays down criteria for the selection of accounting policies and prescribes circumstances in which an entity may change an accounting policy. The standard also deals with accounting treatment of changes in accounting policies, changes in accounting estimates and correction of prior period errors. EQUIREMENT: Define accounting policy and outline in sufficient details the accounting treatment required to record the following; i. A change in accounting policy, (5 marks including definition of accounting policy) ii. A change in accounting estimate and (2 marks) iii. The correction of an error