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When switching from one depreciation method to another, what must be done?
When switching from one depreciation method to another, what must be done?
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Practice Questions
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Q1
When switching from one depreciation method to another, what must be done?
Recalculate past depreciation
Disclose the change
Ignore the change
Change the asset's useful life
Show Solution
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When switching from one depreciation method to another, the change must be disclosed in the financial statements.
Questions & Step-by-step Solutions
1 item
Q
Q: When switching from one depreciation method to another, what must be done?
Solution:
When switching from one depreciation method to another, the change must be disclosed in the financial statements.
Steps: 5
Show Steps
Step 1: Identify the current depreciation method being used.
Step 2: Decide on the new depreciation method you want to switch to.
Step 3: Calculate the impact of the change on the financial statements.
Step 4: Update the accounting records to reflect the new depreciation method.
Step 5: Disclose the change in the financial statements, explaining why the change was made.
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