Changes in Inventory Valuation Method
CFAI Curriculum Vol 3, P.384, I have following questions :
1. Is it that historical information shall be restated for for any change in inventory valuation method under IFRS ?
2. It is stated clearly that a restrospective restatement of inventory and retained earnings is required for a change from LIFO to another inventory valuation method under US GAAP. However, Is it that historical information shall be restated too for other changes in inventory valuation method (other than from LIFO to another inventory valuation Method) under under US GAAP ?
Thanks in advance !