Answer:
b. Prospective
Explanation:
The Prospective approach are used to implement new accounting policies for transaction, events, etc after new accounting policies or estimation has been implemented. Generally changes in accounting estimates are accounted for on a prospective basis.
Accounting estimates is an adjustment made in the carrying amount of an existing asests and liability. Changes in estimates are normal and part of on going process of reviewing the current status and future benefits and obligations related to assets and liability.
