2) At 1 April 20X4, Tilly owned a property with a carrying amount of $800,000 which had a remaining estimated life of 16 years. The property had not been revalued. On 1 October 20X4, Tilly decided to sell the property and correctly classified it as being 'held- for-sale". A property agent reported that the property's fair value less costs to sell at 1 October 20X4 was expected to be $790,500 which had not changed at 31 March 20x5. What should be the carrying amount of the property in Tilly's statement of financial position as at 31 March 20X5? A $775,000 B $790,500 $765,000 D $750,000 3) Which ONE of these changes would be classified as 'a change in accounting policy as determined by IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors? A Increased the allowance for irrecoverable receivables for 20X6 from 5% to 10% of outstanding debts B Changed the method of valuing inventory from FIFO to average cost C Changed the depreciation of plant and equipment from straight line depreciation to reducing balance depreciation D. Changed the useful economic life of its motor vehicles from six years to four years 4) In which TWO of the following situations can a change in accounting policy be made by an entity? If the change is required by an IFRS A B If the company thinks a new accounting policy would be easier to report C If a new accounting policy would show more favourable results D If a new accounting policy results in a more reliable and relevant presentation of events or transactions