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Year end is 31 December. XYZ decided to change the method of valuation of raw materials from the weighted average cost method to FIFO.
Year end is 31 December. XYZ decided to change the method of valuation of raw materials from the weighted average cost method to FIFO. Change In accounting policy has been accounted for during the current year. 2020 2021 2022 FIFO 330 000 340 000 370 000 Weighted Average 315 000 331 000 345 000 SARS indicated they prepared to accept the new valuation method. Assume a tax rate of 28% REQUIRED: Disclose the change in accounting policy note 2
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Below is a sample note disclosing the change in accounting policy from the weighted average method to the FIFO method incorporating the provided detai...Get Instant Access with AI-Powered Solutions
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