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ms500
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| Posted: 16 May 2010 at 21:54 | IP Logged
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Hi
Appreciate, if some one clarify, whether, Change of Depreciation method from Sum of the year digits depreciation to St Line Depreciation method is Prospective approach
Thanks
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njacct09
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| Posted: 16 May 2010 at 22:01 | IP Logged
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A change in depreciation, amortization, or depletion is consider to be both a change in acctg. Principle AND estimate. As such, changes in depreciation method are handled prospectively.
If you have becker 2009 check out F1-26!
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OrDieTryng!
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| Posted: 16 May 2010 at 22:35 | IP Logged
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All changes in depreciation/depletion/amortization are prospective only
unless it is a correction of an error.
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ms500
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| Posted: 16 May 2010 at 23:04 | IP Logged
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njacct09 & OrDieTryng
Thanks for clarifying and all the best for the FAR test
Appreciate, if all can share your experience
Good Luck
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FARE - Passed Feb 2011 Finally Done
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Topic: Prospective/ Retrospective Approach
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