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
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Restrospective change in life of intangible asset
Replies (3)
Quick Summary
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
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