The responsibility of the external auditor is to provide reasonable assurance on the financial statements and to make sure that the material areas of the business are following the accounting standards such as IFRS, IAS or GAAP. In the current scenario of AMC Company, the amount or valuation of the plant assets is 60% of the overall assets of the organization. Therefore, the plant assets are the material area of the business and the external auditor must increase the sampling size of plant asset account’s transactions at the planning stage of the audit. (Stuart, 2012) The treatment of ...
Essays on Depreciation Charge
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Calculating straight-line depreciation
Straight-line depreciation method is a way of computing the amortization (depreciation) expenses of a fixed asset over a given time period. This function is obtained by taking salvage value from the purchase price and then dividing the result by projected number of years that the asset will be in service; that is, depreciation expense ($/year) = (initial asset cost less salvage value)/service years.
The service years are the number of years the asset is productive and of benefit to the company or organisation. Salvage value is the estimated value that an asset will realize upon its sale at the end of its ...
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