REGARDING CHANGE IN METHOD OF DEPRECIATION
This query is : Resolved
29 August 2023
IF ANY COMPANY FOLLOWS WRITTEN DOWN VALUE METHOD OF DEPRECIATION FROM THE INCORPORATION OF COMPANY, WHETHER SUCH COMPANY CAN CHANGE THE METHOD OF DEPRECIATION FROM NOW ONWARDS?
29 August 2023
Yes, According to IAS 8 change in accounting estimate is treated prospectively i.e. if a depreciation method is changed then the carrying amount of the asset at the date of change will be depreciated on the basis of new method.
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