Change in accounting estimate or change in accounting policy?

Question

How do you distinguish between a change in accounting estimate and change in accounting policy? What is the criteria to see?

Answer 1

Change in accounting estimate is when the entity reviews the useful life of the asset, the change is prospective and change in accounting policy is when the entity changes the method used to measure an asset like form cost model to revaluation model per IAS 16, the change is retrospective meaning you should restate the prior periods and disclose the nature and amount of the change in the notes to the financial statements.

I hope you get it. :)