On 1 July 2017, Swan Ltd acquired a building for $12 500 000 with an estimated life
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On 1 July 2017, Swan Ltd acquired a building for $12 500 000 with an estimated life of 25 years and a residual value of nil. Swan Ltd uses the straight-line method of depreciation. Based on expert advice provided to Swan Ltd in 2023, it was decided the building should be depreciated over a total period of 20 years.
At 1 July 2022, details for the building were as follows.
Required
Prepare the accounting policy note required by AASB 108/IAS 8 for this change in an accounting estimate by Swan Ltd for the year ended 30 June 2023. Show all workings.
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Swan Ltd Extract from notes Year ended 30 June 2023 Note xx At the be...View the full answer
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