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hanhan2008
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Joined: 01 Jan 2009
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Posted: 04 Jan 2012 at 13:00 \| IP Logged

hi all,

I have a question about depreciation. We didnot depreciate our streetscape improvements (started in 2006) until 2010 since the new surpervising CPA caught it. He decided to depreciate from 2010, instead of correcting from 2006. He is not a patient person, so I did not ask him, but I think he just did not want to bother correct the financial statement, right? Thanks!

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ramirezhenry55
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Joined: 25 Dec 2009
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Posted: 15 Jan 2012 at 15:07 \| IP Logged

Adjustments should be done from 2006 so your improvements will not be overstated. Ask him politely to catch up on those erroneous computations to avoid future hassles.

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Nashville
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Posted: 09 Mar 2012 at 16:37 \| IP Logged

For corrections of errors from prior periods, shouldn't they be recorded as an adjustment to the beginning balance of retained earnings in the current period? So, restating prior statements is not required unless you are issuing comparative statements.

I'm trying to learn all of this stuff, so please correct me, if I'm wrong.

hanhan2008
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Posted: 25 Jul 2012 at 20:37 \| IP Logged

Thanks!

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kendrickscrozie
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Posted: 13 Sep 2017 at 04:28 \| IP Logged

Very nice topic it is all about fix assets depreciation.
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