Sidiq Bhd. changed its accounting policy in 2022 with respect to the valuation of inventories. Up to 2021, inventories were valued using a weighted-average cost (WAC) method. In 2022 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, 2020: an increase of RM 10,000 At December 31, 2021: an increase of RM 15,000 At December 31, 2022: an increase of RM 20,000 The income statements prior to adjustment are Present the change in accounting policy in the Income Statement and the Statement of Changes in Equity in accordance with requirements of MFRS 108