2 (0) Find the following whether they are changes in accounting policy, revision in accounting estimate or correction of prior - period error. (5 marks) Eff Date: 18-03-2021 Builders House Limited adopted LIFO (Last In First Out) accounting method until last year ended 31 October 2020, but the company has moved from LIFO to FIFO according to the Accountant advice as it reflects the appropriate profit in the Financial Statement. b. Rev 006 Builders House Limited purchased an equipment in Nov 2017 for P250,00. The directors estimated it with no residual value and a useful economic life time of eight years. The directors realized as a result of using it that the asset can be used for six years. So they revised the calculation of depreciation in 2020