(ii)Fundamental Assumptions are always required to be disclosed in the financial statements. (iii) Change in Accounting Estimate has to be given retrospective effect. (iv) Economic
(ii)Fundamental Assumptions are always required to be disclosed in the financial statements. (iii) Change in Accounting Estimate has to be given retrospective effect. (iv) Economic life is 6 years, lease term is 2.5 years, but the asset is of a special nature, and has been procured only for use of lessee.This is an operating lease. (v) Change in Method of Depreciation is regarded as change in Accounting Policy of the entity.
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Authors: Gerald R. Crowningshield
3rd Edition
0395178371, 978-0395178379
