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1.Which of the following would be a change in accounting policy in accordance with IAS 8 Accounting Policies,

Changes in Accounting Estimates and Errors?

A Adjusting the financial statements of a subsidiary prior to consolidation as its accounting policies differ from those of its parent

B A change in reporting depreciation charges as cost of sales rather than as administrative expenses

C Depreciation charged on reducing balance method rather than straight line

D Reducing the value of inventory from cost to net realisable value due to a valid adjusting event after the reporting period

2.On 1 January 2014, Viagem acquired 80% of the equity share capital of Greca.

Extracts of their statements of profit or loss for the year ended 30 September 2014 are:

Sales from Viagem to Greca throughout the year ended 30 September 2014 had consistently been $800,000 per

month. Viagem made a mark-up on cost of 25% on these sales. Greca had $1·5 million of these goods in inventory

as at 30 September 2014.

What would be the cost of sales in Viagem’s consolidated statement of profit or loss for the year ended 30 September 2014?

A $59·9 million

B $61·4 million

C $63·8 million

D $67·9 million