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Kindly tell me if the below statements are correct
A)If a company changes the % at which it depreciates an item, this is a change in estimate and will be treated prospectively
B)If a company changes the basis at which it depreciates/values an item, this is a change in policy and is done retrospectively
C)So if a company decided to change its depreciation % on buildings from 10% to 20% this a change in estimate
D)If the company decides it wants to have the buildings revalued each year then this is a change in policy. Correct?
Correct, but if it changes from straight line depreciation to reducing balance, what would that be?