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    Brian Keefe's Avatar
    Brian Keefe Posts: 1, Reputation: 1
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    #1

    May 21, 2007, 12:34 PM
    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.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Jun 8, 2007, 07:50 PM
    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.
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