Question
Why is LIFO adoption a special case under ASC 250?
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Answer
Its effects are often impracticable to reconstruct, so it is prospective.
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Question
What must management show for a voluntary change in principle?
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Answer
That the new principle is preferable.
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Question
When is a change from FIFO to weighted average accounted for retrospectively?
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Answer
When the new GAAP principle is preferable and justified.
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Question
Why is a reporting entity change from a normal business combination not an accounting change?
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Answer
It is just the transaction's ordinary effect.
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