Which of the following statements about Accounting Changes is incorrect?

* When retrospective application is impracticable, the entity shall apply the new policy as at the beginning of the earliest period for which restatement is practicable, which may be the current period. A corresponding adjustment to each affected component of equity affected shall be made.

Retrospective application is applying the new policy to the transactions, other events and conditions occurring after the date as at which the policy is changed and recognizing the effect of the change in the accounting estimate in the current and future periods affected by the change.

An entity shall correct material prior period errors retrospectively in the first set of financial statements authorized for issue after their discovery by restating the comparative amounts for the prior period(s) presented in which the error occurred.

Changes in accounting policies do not include applying an accounting policy for transactions that differ in substance from those previously occurring or those that did not occur previously or were immaterial. Which does not belong to the group? *

Capital maintenance approach

Transaction approach

Single entry method

Net assets approach