All Change Co. Inc. changed its accounting policy in 2014 with respect to the valuation of inventories. Up to 2013 inventories were valued using a weighted-average cost (WAC) method. In 2013 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, 2012: an increase of Taka10,000

At December 31, 2013: an increase of Taka15,000

At December 31, 2014: an increase of Taka20,000

The income statements prior to adjustment are:

	2014	2013
Revenue	250,000	200,000
Cost of sales	(100,000)	(80,000)
Gross profit	150,000	120,000
Administration costs	(60,000)	(50,000)
Selling and distribution costs	(25,000)	(15,000)
Net Profit	65,000	55,000

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.