ACC701 Financial Accounting Assignment Help

In accordance with the accounting standard AASB 116 for PPE (fixed assets), appropriate accounting for fixed assets and depreciation is required. In accordance with this Standard and the generally accepted accounting standard, an entity must comply with the accounting principles in the previous year's accounts (CNACA, 2014).
In accordance with AASB 116 and a reference to AASB 108, the financial statements should be adequately reflected if the effect of a political change affects the current financial statements or future financial statements and financial statements. For PEP, changes in depreciation ratio, changes in the calculation method for depreciation, changes in useful life or revaluation of property, plant, and equipment are reported correctly and reflected in bank accounts. In accordance with the applicable standard and an amendment to the method for calculating depreciation, depreciation must be adjusted retroactively and taxed accordingly (AASB, 2014).
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