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If a company changes its depreciation method, what must it disclose?

Practice Questions

Q1
If a company changes its depreciation method, what must it disclose?
  1. The reason for the change.
  2. The new method used.
  3. The financial impact of the change.
  4. All of the above.

Questions & Step-by-Step Solutions

If a company changes its depreciation method, what must it disclose?
  • Step 1: Identify that the company has changed its depreciation method.
  • Step 2: Determine the reason for the change in the depreciation method.
  • Step 3: Specify what the new depreciation method is.
  • Step 4: Calculate and explain the financial impact of this change on the company's financial statements.
  • Step 5: Ensure that all this information is clearly disclosed in the company's financial reports.
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