a$.$ A business entity is required to maintain the same accounting policies.

However, the entity is permitted by MRFS $108$ Accounting Policies, Changes

in Accounting Estimates and Errors to change its accounting policies under

two situations.

Required:

Explain the two $(2)$ situations stated in MFRS $108.(5$ marks$)$

b$.$ Discuss whether the changes in useful life of the property, plant and

equipment falls under $$Changes in Accounting Policies$,$Changes in

Accounting Estimates$$ or $$Errors$$ as provided under MFRS $108$ Accounting

Policies, Changes in Accounting Estimates and Errors. $(5$ marks$)$

c$.$ Material omissions or misstatements in prior years required retrospective

restatement of financial statements. Explain $$retrospective restatement$.$

$(5$ marks$)$