Meck Pharmaceuticals new CFO who has been reviewing the companys past financial statements and its current accounting policies. Based on his analysis, the accounting team has been instructed to make the following changes:

1	Change from straight-line method of depreciation to double declining balance method
2	Change from the cash basis to the accrual basis of accounting
3	Change from FIFO to weighted average cost method for inventory valuation purposes
4	Change due to failure to record depreciation in a previous period
5	Change in the net realizable value of certain receivables

REQUIRED
For each of the items above, indicate the type of accounting change the accounting team has been instructed to make and how each is recognized in the accounting records for the current year. Explain your answers thoroughly.

IFRS or ASPE rules apply

*Chg in Accounting Policy

* Chg in Accounting Estimate

*Correction of Prior Period Error

*None of the above.