Change in accounting policy   LO7 Oil Sands Ltd is a company involved in the search for, production of and sale of oil and gas resources. The company has been following an accounting policy of expensing all of its E&E costs as incurred since adoption of AASB 6/IFRS 6. However, it has noted that its most significant competitor follows a policy of capitalising such costs on an area of interest basis. This makes the competitor’s profit look better in some years than Oil Sands Ltd’s profit. Required Discuss whether Oil Sands Ltd can change its accounting policy to capitalise all of its E&E costs to match its competitor’s accounting policy.