$3.$ CTM Limited keeps a limited quantity of tiles as inventory, due to the fact that the tiles can be imported and delivered to the client within $6$ weeks after order date. Exchange rate fluctuations also have a direct effect on the cost and sales price of these tiles. After the draft financial statements for the year ended $28$ February $2024$ had been prepared, the directors decided to change the valuation method of the tiles held as inventory because it does not give a reliable presentation of the effect of exchange rate fluctuations on the company$$s profits. The valuation method was therefore changed from the weighted average method to the first$-$in$-$first$-$out method The value of inventory based on the different valuation methods was as follows: Weighted First$-$in Difference average first$-$out E E E $28$ February $20211640002200005600029$ February $20221700002400007000028$ February $20232800003440006400028$ February $202419000022000030000$ The Eswatini Revenue Service indicated that they will accept the new inventory valuation method and will reopen the $2023$ tax assessment but not the tax assessments before $2023.4.$ Due to the fact that their own delivery trucks did not have the capacity to transport the load of tiles, CTM Limited used outside transport contractors to deliver tiles to a faraway destination in Bigbend. The tiles were to be used for the tiling of the floors of an exclusive bush lodge. Unfortunately, due to the poor road conditions, approximately $15\%$ of the tiles were already cracked on arrival at the bush lodge. On $15$ January $2024,$ the client instituted a claim of E$150000$ against CTM Limited for the damaged tiles they were unable to use. At year end the legal advisor of CTM Limited is of the opinion that it is probable that CTM Limited will not be found liable for the claim. As a result of the above mentioned claim, CTM Limited decided on $31$ January $2024$ to sue the relevant outside transport contractor for E$95000$ for damages incurred. Due to the lack of the necessary packaging material used by the outside transport contractor to compensate for the poor condition of the roads, the financial manager of CTM Limited is of the opinion that it is probable that CTM Limited will be successful with their claim. "REQUIRED" : Disclose the events of $3$ and $4$ above in the notes to the annual financial statements of CTM Limited for the year ended $28$ February $2024,$ according to the requirements of IAS $8-$ Accounting policies, changes in accounting estimates and errors. NO ACCOUNTING POLICY NOTES ARE REQUIRED. COMPARATIVE FIGURES ARE REQUIRED.