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Question

If a company revises the estimated useful life of one of its assets being depreciated, the company will need to reissue its earlier financial statements as the earlier depreciation was incorrect & will have to prepare all its books of accounts again.


A

True

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B

False

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C

Can't say

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D

None of the above

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Solution

The correct option is B

False


The effect of change in useful life of the asset shall be taken prospectively.


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