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QUESTION 7 In relation to expectations about the useful life (and the residual value) of...

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Accounting

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QUESTION 7 In relation to expectations about the useful life (and the residual value) of a non-current asset, paragraph 51 of AASB 116 requires that: The and the useful life of an asset shall be reviewed at least at each financial year-end and, if expectations differ from previous estimates, the change(s) shall be accounted for as a change in an accounting estimate in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors (AASB 116). depreciable asset residual value O depreciable base cost apportionment

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