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What would you do?
The company has changed from partnership to a WLL company, there are opening balance of fixed assets but these are not as per ias 16 that is no depreciation was taken in the previous years, hence it is at cost, for opening balance measurement i cannot keep it as cost and calculated accumulated depreciation , since already the profits are distributed among the partners, for the legal company how do I treat the accumulated depreciation?1. We only answer questions for exam purposes. You need to take professional advice if you are asking about a situation at work.
2. For exam purposes =if material error – therefore prior period adjustment,
2. IAS 8 no longer examinable – it’s much safer not to use standard numbers in the exam.
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