Revision question on IAS 8.

IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors is applied in selecting and applying accounting policies, accounting for changes in estimates and reflecting corrections of prior period errors.
The standard requires compliance with any specific IFRS applying to a transaction, event or condition, and provides guidance on developing accounting policies for other items that result in relevant and reliable information.

Required:
i) Discuss the procedure for selecting accounting policies.
ii) Recommend how an entity should account for a change in accounting policy.

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