Revision question on accounting policies as per IAS 8

According to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, an entity must select and apply its accounting policies consistently from one period to the next and among various items in the financial statements. However, an entity may change its accounting policies under certain conditions.

Required:

Identify the circumstances under which it may be appropriate to change accounting policy in

accordance with the guidance given in IAS 8 Accounting Policies, Changes in AccountingEstimates and Errors.                                                                                                

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