(a) All Change Co. Inc. changed its accounting policy in 200Y with respect to the valuation of inventories. Up to 200X, inventories were valued using a weighted-average cost (WAC) method. In 200Y the method was changed to first-in, first-out (FIFO), as it was considered to more accurately reflect the usage and flow of inventories in the economic cycle. The impact on inventory valuation was determined to be: At December 31, 200W: an increase of exist10,000 At December 31, 200X: an increase of exist15,000 At December 31, 200Y: an increase of exist20,000 (b) The income statements prior to adjustment are Required Present the change in accounting policy in the Income Statement and the Statement of Changes in Equity in accordance with requirements of IAS 8