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Is the owner correct in reasoning and explain

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Problem 1: Suppose that a company has changed its policy for depreciation from one year to the next. An employee in the accounting department addressed this change with the owner. The employee asked the owner why the accounting policy was changed and why the reasoning for the change was not disclosed in the financial statements. The owner replied, "IFRS gives you the option to use a different depreciation method from one year to the next. We also are not required to explain our choices." Is the owner correct in his reasoning? Explain.

Reference no: EM132692070

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