A company revised the estimated useful lives of its fixed assets, which resulted in an increase in
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A company revised the estimated useful lives of its fixed assets, which resulted in an increase in the remaining lives of several assets. Do GAAP permit the com¬ pany to include, as income of the current period, the cumulative effect of the changes, which reduces the depreciation expense of past periods? Discuss.
AppendixLO1
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Financial Accounting
ISBN: 9780324188035
9th Edition
Authors: Dr Carl S. Warren, Dr James M. Reeve, Philip E. Fess
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