Hi my2cents,
Thanks for the response, I was wondering why the memory management is better in HD3000 than in HD4000, my Acer Aspire 5750 has HD3000, it reports 128MB for dedicated video memory in BIOS and it shows the same amount under Adapter but in E1-571 which has HD4000, it reports 64MB in BIOS and in Adapter it shows 32MB.
I am not a gamer and it doesn't bother me at all but I think I have found the answer, Intel says that the new graphics memory sizing is done by the OS( Windows8/8.1) and not by the Intel driver.
Unless MS comes up with some update or perhaps in the next months update, I am out of luck as I can not change anything in BIOS, Acer has disabled any Advanced settings in BIOS.
Thanks again for your suggestions and the link.