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Exercise 11: Show the nature of each of the situations described below using the following descriptions (you can choose one description multiple times). Match (a,b,c,d,e
Exercise 11: Show the nature of each of the situations described below using the following descriptions (you can choose one description multiple times). Match (a,b,c,d,e to 1,2,3,4) 1. Change from determining lower of cost or net realizable value for inventories by the individual item approach to the aggregate approach. 2. Settling a lawsuit for less than the amount accrued previously as a loss contingency. 3. Change in the value of an Oil&Gas reserve. 4. Change from FIFO inventory method to LIFO a. Change in estimate b. Change in principle reported retrospectively c Change in principle reported prospectively d. Change in estimate e Change in reporting entity
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