According to chegg policy, three questions are answered in a question. Please answer the questions

21. Rayan company decide to convert to IFRS. It was applying LIFO policy to treat the inventory before applying IFRS. Answer the following questions: A) Does the company need to change its policy after applying IFRS? Clarify the reason whether it must change the policy or not? B) If the company changed the policy, clarify how this must be changed (i.e., retrospectively, or prospectively)? What is the IAS number explaining that? C How is the effect of applying FIFO and LIFO on net income (i.e., Which one increases net income and which one decreases net income)? Explain that? * (10 Points) Enter your