The controller of a company responsible for adopting

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Reference no: EM131032985

Topic for Accounting assignment need help starting this.

Imagine that you are the controller of a company responsible for adopting new accounting standards. You discover that your company uses an inventory valuation method than is different from other companies in your industry. Using the " Hierarchy of Qualitative Characteristics of Accounting Information. For information about how a company's inventory method influences their taxes, consult the Seymour, McAliney, and Sugarman website.

Provide your recommendation on changing your inventory method.
What are the benefits and disadvantages of switching methods?
What are the tradeoffs between consistency and comparability in how they affect the statements?

Reference no: EM131032985

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