Change in Accounting Estimate 1 point affects the profit and loss of the current period or current and future periods if the change affects both. True False Which of the following is not a 1 point change in accounting policy? change in inventory pricing from FIFO to weighted average change in method of accounting for long term construction change from cost model to fair value model in measuring investment property. change in accounting policy for events or transactions that differ in substance from previously occurring events or transactions Change in Accounting Policy affects the profit and loss of the prior period if accounted for retrospectively. True False 1 point A non current asset or disposal 1 point group that is classified after the reporting period is an example of adjusting events after the reporting period. True False A non current asset can be classified as non current asset held for sale if the sale is highly probable. Highly probable means the existence of all the following except: the entity's management is committed on selling the asset; the entity is actively locating a buyer the sale is expected to be 1 point completed within one year from the date of classification it is likely that the plan to sell will be withdrawn