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Depreciation- change in remaining useful life of NCA

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Depreciation- change in remaining useful life of NCA

  • This topic has 2 replies, 2 voices, and was last updated 3 weeks ago by tabasumze.
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    Posts
  • July 8, 2022 at 9:47 am #660162
    tabasumze
    • Topics: 37
    • Replies: 52
    • ☆☆

    In example 3 (chapter 5) from the notes, the depreciation amount before the change in useful life was $2.5million and after the change in useful life it is $3.5million.

    Will there be no adjustment for the increase in depreciation charge?

    July 10, 2022 at 8:13 pm #660256
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6158
    • ☆☆☆☆☆

    Hi,

    Changes in useful life are adjusted prospectively, i.e. for the current period and future periods. The new depreciation charge is therefore included in the 2015 financial statements.

    Thanks

    July 15, 2022 at 5:26 pm #660615
    tabasumze
    • Topics: 37
    • Replies: 52
    • ☆☆

    Got it, thank you.

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