A change in depreciation methods is considered to be a change in accounting estimate that is achieved by a change in accounting principle. We account for such a change prospectively. Changes in accounting estimates are accounted for

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Alexandram5232 Alexandram5232

19-12-2022
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A change in depreciation methods is considered to be a change in accounting estimate that is achieved by a change in accounting principle. We account for such a change prospectively. Changes in accounting estimates are accounted for

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Tutorconsortium434 Tutorconsortium434 · Answer 1 · 2022-12-25T15:03:23-05:00

Therefore, it has to be quantified and fully disclosed in the footnotes. Additionally, the change's explanation and financial implications must be made public.

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