Statement I: If an entity cannot distinguish the research phase from the development phase, it should treat an expenditure on a project as if it were incurred in the research phase only and recognize an expense accordingly.

Statement II: If it is difficult to distinguish between a change in accounting estimate and a change in accounting policy, then the change is treated as a change in estimate and must be accounted for currently and prospectively.

Statement III: In rare circumstances, when a retirement benefit plan has attributes of both defined benefit plan and defined contribution plan, the plan is deemed as a defined contribution plan

Which choice correctly describes the following statements?