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Ask the Tutor ACCA SBR

understated depreciation- accounting estimate error or prior period error?

Former userFormer user5y ago

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stephenwidbergstephenwidbergTutor5y ago#1
You may need to recap our FR lectures on prior period adjustments. Minor understatement - adjust in current year - this year's profit will go down Major understatement - prior period adjustment - no impact on this year's profit
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