Change In Accounting Estimates
The revised FRS 116 – Property, Plant and Equipment requires the review of the residual value and the useful life of an asset at least at each financial year end. The Group revised the estimated residual values of certain motor vehicles with effect from (day/month/year).
The revisions were accounted for prospectively as a change in accounting estimates and as a result, the depreciation charges of the Group for the current financial year end have been increased by RMx,xxx,xxx.
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.. really nice blog, Mike.
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