Change in Rate of depreciation
This query is : Resolved
26 January 2011
Depreciation for the last two years was calculated at 45% which should have been calculated at 45.08% by a PSU co. and during the current year this mistake is noticed.
What is treatment for the above?
Whether it is change in accounting estimate/policy?
Whether retrospective/prospective effect is to be given?
What is treatment for the above?
Whether it is change in accounting estimate/policy?
Whether retrospective/prospective effect is to be given?
26 January 2011
1)Depreciation has to be recalculated in accordance with the new method from the date of the asset coming into use.
2)It is a change in the accounting policy.
3) The deficiency arising from retrospective computation has to be adjusted in the accounts for the year in which the change is made.
2)It is a change in the accounting policy.
3) The deficiency arising from retrospective computation has to be adjusted in the accounts for the year in which the change is made.
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