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Stephen Widberg.
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Noah098
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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?
Stephen Widberg
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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
Noah098
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