Solution-Which is not a valid reason to change an

Which is not a valid reason to change an accounting policy

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Reference no: EM132827959

Problem 1: When an IFRS specifically applies to a transaction then the accounting policies should be determined:

a. By ignoring the IFRS
b. By using industry practice for the transaction
c. By applying the IFRS
d. None of the above

Problem 2: Which of the following is a change in estimate?

a. Misinterpretation of facts
b. Change in inventory valuation method from weighted average to FIFO
c. Provision for obsolescence
d. Oversights

Problem 3: Which of the following is not a valid reason to change an accounting policy?

a. Change in statute
b. Change in accounting standard
c. Board of directors approve change
d. Management decide it would result in better financial statements

Reference no: EM132827959

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Which is not a valid reason to change an accounting policy

Reference no: EM132827959

Reference no: EM132827959

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