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?
Write a 350- to 525-word paper. Provide a brief overview of each issue, followed by solid responses supported by research and proper citing.
Format your paper consistent with APA guidelines.