Depreciating an item expensed in prior quarter

Question

May 21, 2007, 12:34 PM

New Member

Join Date: May 2007

Posts: 1

Depreciating an item expensed in prior quarter

Is there a GAAP rule on capitalizing an item expensed in the prior quarter? Expensed in Q1, I would like to re-class in Q2 then capitalize the item.

Answers

Jun 8, 2007, 07:50 PM	#2

CaptainForest Finance & Accounting Expert Join Date: Nov 2005 Location: Canada Posts: 3,672	So you expensed it in Q1, then in Q2 you said, I should have capitalized it, can I still do it? Since no financial year has even ended, I am pretty sure you can do it. Can’t think of any GAAP rules that prohibit it.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Similar Sponsors



At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to: Get free answers from experts in any of our 300+ topics. Accept money for answers that you provide. Communicate privately with other members (PM). See fewer ads. Sign Up!