Present the change in accounting policy in the profit or loss and produce an extract of the statement of changes in equity in accordance with Ind AS 8.

10. ABC Ltd. changed its method adopted for inventory valuation in the year 2018-2019. Prior to the change, inventory was valued using the first in first out method (FIFO). However, it was felt that in order to match current practice and to make the financial statements more relevant and reliable, a weighted average valuation model would be more appropriate. . The effect of the change in the method of valuation of inventory was as follows: 31st March, 2017 - Increase of 10 million 31st March, 2018 - Increase of 315 million 31st March, 2019 - Increase of 20 million . . Profit or loss under the FIFO valuation model are as follows: 2018-2019 2017-2018 Revenue 324 296 Cost of goods sold (173) (164) Gross profit 151 132 Expenses (74) Profit 68 58 Retained earnings at 31st March, 2017 were 423 million (83)