My doubt is in Accounting Standard.
As per AS 10 change in dep method is considered as change in accounting estimate and effect should be given prospectively.
While in AS 25 while arriving correct interim period profit ,adjustment of increase in depreciation due to change in depreciation method considered as change in accounting policy and effect is given retrospectively
So in exam what should we do..?? solve the question by stand alone for both the AS..? Or as per AS 10 ? Or as per AS 25.
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FR Querry_Old Course (May-18)
Replies (2)
AS 25 is specifically for interim financial statements... Solve questions as per AS - 25....
As 10 is now amended AS that's why treatment is different there... Earlier change in depreciation as per AS 6 is also adjusted from retrospective period.... But now AS is in line with IND AS... That's why those treatments now prospective adjustments.... And if any specific AS says something on their specific matter that is prevailed
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