Question
Fenimore Company purchased a copyright from another company early in 2020 for $50,000. Fenimore had not amortized the copyright because its value had not been
Fenimore Company purchased a copyright from another company early in 2020 for $50,000. Fenimore had not amortized the copyright because its value had not been diminished. The copyright has a useful life at purchase of 20 years.
Why is this not treated prospectively and is instead treated respectively?
Is this considered as a change in accounting policy, change in accounting estimate, or an accounting error?
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Intermediate Accounting
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
10th Canadian Edition, Volume 1
978-1118735329, 9781118726327, 1118735323, 1118726324, 978-0176509736
