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How the use of the lifo method prepared in compliance

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Assignment

Client X operates in the US currently and is planning to expand operations globally next year. As a result, management is considering preparing financial statements in accordance with IFRS rather than with US GAAP.

Client X contacted you for clarification and recommendations regarding the following issues:

• How the use of the LIFO method to value its inventories will be impacted if a switch to financial statements prepared in compliance with IFRS will be made.

• Whether interest cost on construction of a new warehouse may be included in the cost of the new warehouse.

• In what instances should goodwill be adjusted for impairment?

Discuss the above with your team and come to a consensus.

Write a 350- to 525-word paper. Provide a brief overview of each issue, followed by solid responses supported by research and proper citing.
Format your paper consistent with APA guidelines.

Verified Expert

In this assignment, questions given by the client were answers by applying accounting standards and US GAAP. The assignment was basically based on 3 standards that are:1. inventory2. borrowing cost3. impairment of assets.

Reference no: EM131746063

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