IAS 8 Accounting Policies, Accounting Estimates and Errors sets out the criteria for selecting, applying and changing accounting policies as well as relevant disclosures. It also sets out how to account for and present fraud and errors in the financial statements. REQUIREMENTS: a) Outline in sufficient details the meaning of the following terms: i.  Accounting policy. ii. Accounting estimate. b) Explain in details the circumstances in which a company is allowed to make a change in accounting policy. Provide practical examples ? C) Explain the required accounting treatment where a company discovers an error in the financial statements in: i. The current accounting period; and ii.  A previous accounting period. d) Explain, with the aid of any relevant calculations and journals where applicable, how the following independent scenarios should be presented in the financial statements of Robots LTD for the year ended 31 December 2018: (i) At 31 December 2018, Robots LTD decided to revalue all of its property for the first time. The revaluation surplus was $1 million. (3 Marks) (ii) At 1 January 2018, the company decided to extend the useful life of all its vans and trucks by two years. This has a material effect on its profit for 2018. (3 Marks) (iii) In November 2018, the company discovered that the Sales Director had been creating false sales on credit to fictitious customers. This took place in a sales channel where his son was the Manager. The sales amounted to $120,000 in 2018, $180,000 in 2017 and $90,000 in 2016. These sales were not picked up by the credit control department and the receivables were all outstanding at 31 December 2018. (7 marks)