You are the new forecast/budget coordinator for your company. The prior budget coordinator was...

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You are the new forecast/budget coordinator for your company. The prior budget coordinator was terminated and no one can locate his budget files from the prior year. Based on what little information you have, you think you have less than 1 week before the budget instructions need to be released. Prepare a list of at least 10 key pieces of information you will need to gather that should be included in the budget instructions that you will send out to the organization as they begin to prepare the budgets for their respective areas.

David · Accepted Answer

#3 
a) Is this a change in accounting principle, a change in accounting estimate or an error in the financial 
statement? 
Since inventory values have been incorrectly stated, these are an error 
b) What is the proper accounting treatment for this situation? Cite the authoritative guidance. 
. FASB Statement No. 154 requires that a company account for the correction of material error made in 
previous periods as a prior period restatement (adjustment).

You are the new forecast/budget coordinator for your company. The prior budget coordinator was terminated and no one can locate his budget files from the prior year. Based on what little information...

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