Can you please help me explaining THREE proposed changes and how these proposed changes may affect your audit. Thank you in advance.

Board year-end reporting discussions

At a board meeting held in June 2015, issues relating to the forthcoming year end were discussed. William stated that he believed that the valuation of raw material inventories at average cost was no longer appropriate as the current cost of paper was substantially above the average cost. Further, he argued that the allowance for obsolescence of inventory to cover the estimated decline in value from the effects of storage hazards was unnecessary, as such a loss was unlikely. William also stated that based on his experience in the printing industry he believed that RPL's printing presses had a potential maximum life of 30 years, although he noted that another leading entity in the printing industry adopted the policy of depreciating its printing presses over a 20-year period on a straight-line basis, similar to what RPL had done in the past. After much discussion, the board resolved that the allowance for obsolescence of inventory be written back and that raw materials be valued based on a first-in, first-out (FIFO) basis. Further, it was resolved to change the depreciation of the company's printing presses from 20 years to 30 years on a straight-line basis. In addition, following a review of the e-book facilities by internal audit, Cody recommended in a report to the board that RPL change the method it used to account for its revenue from e-book publications to ensure compliance with the applicable accounting standard. The board agreed that the revenue from e-books would be recognised in accordance with the stage of completion of each transaction (i.e. percentage of completion method).