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understated depreciation- accounting estimate error or prior period error?

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › understated depreciation- accounting estimate error or prior period error?

  • This topic has 1 reply, 2 voices, and was last updated 10 months ago by Stephen Widberg.
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  • August 17, 2021 at 10:14 am #631812
    Noah098
    • Topics: 936
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    sir if last year depreciation was understated by $2m then what will its impact be in this year’s FSs? What exact balances will be affected of this year?

    August 18, 2021 at 8:54 am #631912
    Stephen Widberg
    Moderator
    • Topics: 10
    • Replies: 2517
    • ☆☆☆☆☆

    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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