If an entity's WIP has turned into Fixed Asset 2 years ago, but they failed to recognise in that year. They have capitalised it in current year. If the life of asset is 20 years, will it be fair to record the life of asset as 18 years from the current year onwards ?
1 Replies
prasad Nilugal
(3914 Points)
Replied 11 August 2021
Yes , in my opinion it should be 18 years ,if asset was utilised for last two years for business purposes and depreciation calculation.
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