Fixed Assets - EBS (MOSC)

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Previously closed periods in FA & Adjustments

edited Sep 8, 2015 11:25AM in Fixed Assets - EBS (MOSC) 11 commentsAnswered

Hi guys,

Wonder if you can share some thoughts on the following,

Scenario-opening of  previously closed periods in FA in order to do Adjsutment

1)Accounting changes related to fixed assets invariably require that client make the changes historically, These changes are recommended by the Financial Reporting Council through Financial Reporting Standards.


2)All of these changes when implemented require that client restate the previous year’s accounts (i.e. period 13) for the change in accounting policy.


The changes do not just affect depreciation, they/client may also need to change Gross Book and Net Book Values within categories


*Though, these do not necessarily happen on a regular basis.

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