Coming from a Canadian accounting background, some of the stuff in this framework makes no sense to me
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If you go from LIFO to any other inventory costing, retrospective. If you go from any other inventory costing to LIFO, prospective
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No reversal of impairments. Except if it is an asset held for sale which was impaired at time of reclassification, in which case you can revalue up again
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Pension past service costs plugged through OCI and amortized into income
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Inventory valuation, compare cost to market, write down to an amount not greater than fair value but not less than fair value less a reasonable profit margin
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treatment of interest/dividends in the CF statement
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Completed contract method doesn’t make any sense, cost recovery seems more appropriate
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No capitalization of developement costs
Alright that’s my rant haha.