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A change in invetory method from FIFO to WAC is a change in: a- Accounting Estimates b- Accounting Policy c- Change in Error d- None of above

Accounting IAS Internal Audit External Audit Management
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Question added by Muhammad Faheem , Consultant- Accounts, Audit & Taxation , Basim Associates
Date Posted: 2013/12/05
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accounting policy

Mohammad Tohamy Hussein Hussein
by Mohammad Tohamy Hussein Hussein , Chief Executive Officer & ERP Architect , Egyptian Software Group

A change in the inventory valuation method is a change in the accounting policy and in some countries it requires approval from the tax authority.

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