FASB ASC Research Problems FASB ASC Structure. Each ASC reference is structured as a series of four numbers: a three-digit Topic (the first digit of which represents an Area), a two-digit Subtopic, a two-digit Section, and a two- or three-digit Paragraph. Accounting Changes & Error Corrections A client wishes to change the method by which it values inventory from FIFO to average because it believes average will provide more relevant information and, as result, is preferable. Identify the location in professional standards that indicates when a reporting entity should change an accounting principle. Give the ASC reference numbers for the statement above.

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FASB ASC Research Problems

FASB ASC Structure. Each ASC reference is structured as a series of four numbers: a three-digit Topic (the first digit of which represents an Area), a two-digit Subtopic, a two-digit Section, and a two- or three-digit Paragraph.

Accounting Changes & Error Corrections

  1. A client wishes to change the method by which it values inventory from FIFO to average because it believes average will provide more relevant information and, as result, is preferable. Identify the location in professional standards that indicates when a reporting entity should change an accounting principle.

Give the ASC reference numbers for the statement above.

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