Although the film was released in 1987, it was filmed at least two years earlier, as evidenced by a two year calendar on the classroom wall indicating 1984-85. There are also two 1983 James Bond posters seen, and several references to seeing James Bond in the movie theatre, which would mean this movie was most likely filmed in 1984.
There is a list of "important telephone numbers" on a bulletin board in Kristian's room, the first name and number on the list is Ronald Reagan (shown as Ronald Regan).