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Procedures for depreciation

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Procedures for depreciation

  • This topic has 2 replies, 2 voices, and was last updated 9 years ago by mansoor.
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  • August 9, 2015 at 2:56 pm #266384
    mansoor
    Participant
    • Topics: 424
    • Replies: 542
    • ☆☆☆☆

    first, depreciation falls in which category: Events/transactions, Account balances or Presentation/disclosure?

    Second, one procedure for depreciation is listed is as below:

    “Inspect the capital expenditure budget for the next few years to assess the appropriateness of the useful lives in light of plans to replace assets”

    this wd fall in which category? Valuation, allocation or accuracy?

    (the text says for depreciation, valuation, allocation and accuracy need to be verified.)

    thanks in advance!!

    August 9, 2015 at 8:59 pm #266455
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10594
    • ☆☆☆☆☆

    Depreciation: has an effect on the SOFP so balances and the charge has an effect on the SOPL.

    With regard to the test there is no reason why one test cannot attack several assertions. Eg life of the asset affects both the accuracy of the depreciation charge and the valuation of the asset.

    August 10, 2015 at 4:58 am #266476
    mansoor
    Participant
    • Topics: 424
    • Replies: 542
    • ☆☆☆☆

    ok.. that makes sense.. thank u!

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