L20 Notes_Part_8 - uses accelerated depreciation for the...

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Lack of Consistency Inconsistency in application of GAAP involves a change in: accounting methods, accounting principles, reporting entity carrying basis ex:amortized cost, mark to market, equity, consolidation example: rental car company which uses Straight line depreciation expands by buying a fleet of rental trucks and
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Unformatted text preview: uses accelerated depreciation for the trucks. Is this a consistency exception? Not if considered a new class of assets. Lack of Consistency What must it contain? Discuss: Other information in annual report; Restatements of prior period errors...
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This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.

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L20 Notes_Part_8 - uses accelerated depreciation for the...

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