The PSAF noted that entities could have applied Directive 11 to change their accounting policies for assets from a fair value or revaluation model to the cost model on the initial adoption of the Standards. The period within which Directive 11 could be applied has expired. Entities may apply GRAP 3 on Accounting Policies, Changes in Accounting Estimates and Errors to change accounting policies, but would need to establish that the criteria for changing an  accounting policy in GRAP 3 are met, i.e. the change should result in the financial statements providing reliable and more relevant information about the effects of transactions, other events or conditions on the entity’s financial position, financial performance or cash flows.