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  3. changing the method of accounting for depreciation

Changing the method of accounting for depreciation will result in a prospective approach a note...

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Accounting

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Changing the method of accounting for depreciation will result in a prospective approach a note disclosure only a cumulative change in accounting principles reported in the current year income statement a prior period adjustment to returned earnings. Under IFRS, impairment losses may be reversed in subsequent years for: Intangible assets with finite lives Physical assets Goodwill a and b only all of the above During the year ABC Co's inventory increased by $4,500 and accounts payable decreased by $8,700. If Cost of Goods Sold was $325,000 then cash paid to suppliers of merchandise is $338,500 325,000 338,200 325,000 Which type of expenditure may be capitalized as an intangible asset for IFRS, but expensed under U.S. GAAP? Internally developed goodwill Goodwill arising from a purchase of another entity Internally developed customer list Internal development cost for a patented process Software development costs

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