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Change in Accounting Policy

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Change in Accounting Policy

  • This topic has 3 replies, 3 voices, and was last updated 9 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • May 23, 2016 at 5:08 pm #316639
    princepanda168
    Member
    • Topics: 8
    • Replies: 2
    • ☆

    May I know that what are the accounts that we have to change the opening balance due to the change in accounting policy? Example: from FIFO to AVCO, from Straight Line to Reducing Balance.

    Thank You for your answer.

    May 23, 2016 at 6:55 pm #316671
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54699
    • ☆☆☆☆☆

    The change will affect the accumulated depreciation and the retained earnings.

    June 18, 2016 at 8:29 am #323367
    wagacira1
    Member
    • Topics: 0
    • Replies: 2
    • ☆

    should be the retained earnings account

    June 18, 2016 at 8:35 am #323369
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54699
    • ☆☆☆☆☆

    Have you read my previous reply?! 🙂

  • Author
    Posts
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