RT (LTD) purchased a plant for R3 000 000 on 1 January 2018. Depreciation on a

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RT (LTD) purchased a plant for R3 000 000 on 1 January 2018. Depreciation – on a straight-line basis over 25 years Residual Value – R500 000

On 1 January 2022, the company reassessed the remaining useful life of the asset and calculated it to be 16 years and the residual value was changed to R250 000 Disclose the change in accounting estimate for the year ended 31 December 2022?

Related Book For answer-question

Intermediate Accounting IFRS

ISBN: 9781119607519

4th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

Posted Date: Nov 25, 2023 01:29 PM

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RT (LTD) purchased a plant for R3 000 000 on 1 January 2018. Depreciation on a

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To disclose the change in accounting estimate for the year ended 31 December 2022 we need to consider the revised useful life and residual value of th... View the full answer

Intermediate Accounting IFRS

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