hi
our company had acquired the core lending system in 2020. and as per company policy we started to amortize for the period of 5 years. but now we realise that this intngible asset will have a total life of 7 years
if now we change the policy and compute the revised depreciation, do we chArge it back to P/L and continue with the revised rate???
please advise
thanks
sangita
9004665758
Menu
Restrospective change in life of intangible asset
Replies (3)
Think as per as5 the material effect must be shown from current year when there is a change in accounting policy. However, you can great it as change in estimate and treat it from current year because you did not change depreciation policy. Its not retrospective i guess.
Largest network for finance professionals https://gas-stationsnearme.com/ Alternatively, you can log in using from current year when there is a change in accounting policy However, you can great it as change.
There is a problem now, people are saying companies acts allow only 5 years amortisation. So what to do now is claim high and leave it off
Recent Topic
- Delayed reported invoice in GSTR1
- Kusumgar IPO Listing Date: Shares Debut on BSE, NS
- When is Diwali in 2026? Date, Muhurat Timing and D
- Amount received by son from PPF closure proceeds o
- Clarification on Nature of Payment Code for NRI Pr
- Fee received as Independent Director
- Correct way to show income from annuity in ITR
- ITR 3 issues
- What after death of proprietor
- TDS paid under old regime instead of new
Related Topics
CAclubindia
