If a company changes a material accounting policy, which of the following statements are correct?

1    The notes to the financial statements should disclose the reason for the change and its effect.
2    The effect of the change should be disclosed in the current year’s income statement as an extraordinary item.
3    The opening balance of retained earnings should be adjusted if practicable, as if the change had been in effect
       for previous periods.
4     In the financial statements for the current period, comparative figures for the previous period should be adjusted
       to reflect the change.

A     1, 3 and 4
B     2, 3 and 4
C     1, 2 and 3
D     1, 2 and 4

A