15 Dec The following are various types of accounting chan
The following are various types of accounting changes: _______ 1. Change in a plant asset’s residual value _______ 2. Change due to an overstatement of inventory _______ 3. Change from sum-of-the-years’-digits to straight-line method of depreciation because of a change in the pattern of benefits received _______ 4. Change in a primary source of GAAP _______ 5. Change in decision by management from not capitalizing interest during construction to capitalizing it because the change increases the relevance of the resulting information. The company is reporting a self-constructed asset for the first time. _______ 6. Change in the rate used to calculate warranty costs _______ 7. Change from an unacceptable accounting principle to an acceptable accounting principle _______ 8. Change in a patent’s amortization period _______ 9. Change from the zero-profit method to the percentage-of-completion method on construction contracts because the company now accepts longer commercial contracts rather than shorter residential contracts _______ 10. Recognition of additional income taxes owing from three years ago as a result of improper calculations by the accountant, who was not familiar with income tax legislation and income tax returns Instructions (a) For each change or error, use the following code letters to indicate how it would be accounted for assuming the company follows IFRS: Accounted for in the current year only (CY) Accounted for prospectively (P) A
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