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IAS 8

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IAS 8

  • This topic has 1 reply, 2 voices, and was last updated 3 months ago by Stephen Widberg.
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  • April 21, 2022 at 3:33 am #654154
    toushiga
    • Topics: 424
    • Replies: 172
    • ☆☆☆☆

    Hi Sir,

    I would like to ask if the company change the purpose of use of an item or change its intention for using the item, will it consider a change of accounting policy and applied retrospectively?

    for example, the item is treated as COS or inventory at that time but recognised as an asset after 2 years? Will the company need to restate the depreciation charge for the last 2 years?

    Thank you.

    April 21, 2022 at 8:40 am #654176
    Stephen Widberg
    Moderator
    • Topics: 10
    • Replies: 2557
    • ☆☆☆☆☆

    Not change in accounting policy. This is a change in use.

    Transfer from inventory to PPE at CA.

    Then apply IAS 16 / IAS 36 going forward.

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