Question $4$

$(15$ marks$)$

a$)$ State the conditions which would permit an entity to change its accounting policy under IAS $8$

$(5$ marks$)$

b$)$ Explain the difference between a provision and a contingent liability according to IAS $37$

$(4$ marks$)$

c$)$ At a graduation for students who have received their accounting professional qualification, the guest speaker said that they should have integrity, be independent and exercise due care in executing their duties. What does the guest speaker mean by the terms integrity, independent and due care?

$(6$ marks$)$