ACC541 Phoenix Week 2 Use of LIFO For Valuing Inventories Treatment of Interest Costs Memo

Assignment Content

  1. Client X operates in the US currently and is planning to expand operations globally next year. As a result, management is considering preparing financial statements in accordance with IFRS rather than with US GAAP.

    Client X contacted you for clarification and recommendations regarding the following issues:

    • How the use of the LIFO method to value its inventories will be impacted if a switch to financial statements prepared in compliance with IFRS will be made.
    • Whether interest cost on construction of a new warehouse may be included in the cost of the new warehouse.
    • In what instances should goodwill be adjusted for impairment?

    Provide a 150- word overview of each issue, followed by solid responses supported by research and proper citing.

    Write a 350 word memo to Client X recommending the move to IFRS or the stay with GAAP, and why.

    Format your paper consistent with APA guidelines.

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