1. According to PAS8 Accounting policies, changes in accounting estimates and errors, which of the following statements best describe \"'prospective application" ? l. Recognizing a change in accounting estimate in the current and future periods affected by the change ll. Correcting the financial statements as if a prior period error had never occurred lll. Applying a new accounting policy to transactions occurring after the date at which the policy changed IV. Applying a new accounting policy to transactions as if that policy had always been applied a. land ll only c. I, II and \"I b. land \"I only d. I, III and IV only