Page 170 - F1 Integrated Workbook STUDENT 2018
P. 170
Chapter 10
3.3 Changes in useful life and residual value
On acquiring an asset, its useful life and residual value will be estimated.
Subsequently, it may be appropriate to revise these estimates.
Again, any change in the useful life or residual value will result in adjustments to the
depreciation charge for current and future periods but no changes should be made to
past accounting periods, i.e. it is a change in accounting estimate, see IAS 8
Accounting Policies, Changes in Accounting Estimates and Errors, later.
160
