UnidentifiedQuestion $4\mathrm{.}1\{23$ MARKS$\}$ a$)$ Accounting policies are defined as the principles and rules, as set out in the International Financial Reporting Standards, that an entity applies in preparing and presenting its financial statements. b$)$ Any change to an accounting estimate must be accounted for prospectively whereas any change in accounting policy must be accounted for retrospectively. c$)$ When accounting for a change in accounting policy retrospectively, we process adjustments relating to all current and prior periods affected, including prior periods that will not be presented as comparatives. d$)$ When accounting for a change in accounting policy where retrospective application of the new policy is technically required but is impracticable to achieve, the change in accounting policy is accounted for prospectively instead. e$)$ Entities are entitled to change any accounting policy, on condition that the change is either required by an IFRS or is a voluntary change that results in information that is relevant and more reliable. $)$ IAS $8$ defines the term accounting policies' but does not define the term 'accounting estimates'. a$)$ A change ina measurement basis is accounted for as a change in estimate. h$)$ If an error is found, it must be corrected, with the correcting adjustments processed retrospectively. i$)$ An omission or misstatement is considered to be material if it$,$ individually, could affect the economic decisions made by the users of the financial statements. ji$)$ The correction of a material prior year error will affect the measurement of deferred tax. Required: State, giving reasons, if the above statements are true or false.Question $4\mathrm{.}1\{23$ MARKS$\}$ a$)$ Accounting policies are defined as the principles and rules, as set out in the International Financial Reporting Standards, that an entity applies in preparing and presenting its financial statements. b$)$ Any change to an accounting estimate must be accounted for prospectively whereas any change in accounting policy must be accounted for retrospectively. c$)$ When accounting for a change in accounting policy retrospectively, we process adjustments relating to all current and prior periods affected, including prior periods that will not be presented as comparatives. d$)$ When accounting for a change in accounting policy where retrospective application of the new policy is technically required but is impracticable to achieve, the change in accounting policy is accounted for prospectively instead. e$)$ Entities are entitled to change any accounting policy, on condition that the change is either required by an IFRS or is a voluntary change that results in information that is relevant and more reliable. $)$ IAS $8$ defines the term accounting policies' but does not define the term 'accounting estimates'. a$)$ A change ina measurement basis is accounted for as a change in estimate. h$)$ If an error is found, it must be corrected, with the correcting adjustments processed retrospectively. i$)$ An omission or misstatement is considered to be material if it$,$ individually, could affect the economic decisions made by the users of the financial statements. ji$)$ The correction of a material prior year error will affect the measurement of deferred tax. Required: State, giving reasons, if the above statements are true or false.