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Scope of this reference
Inspect the standard and the scope used in the teaching material. The verification date describes the stored review.
- Authority
- Financial Accounting Standards Board
- Standard
- ASC Topic 250
- Version
- Codification content as verified 2026-08-06
- Where it applies
- United States GAAP
- Entities covered
- Entities applying US GAAP, subject to the applicable paragraphs, reporting facts, effective amendments, and SEC requirements when relevant
- Last source check recorded
- Aug 6, 2026
- Status recorded at review
- current
- Effective from
- Not specified in this record
Check the applicable effective dates and later amendments in the source before applying this reference.
Concepts using this reference (2)
Scope used here
The curriculum applies the current Topic 250 model to a revision arising from new information about a depreciable asset's residual value and remaining useful life. The facts explicitly exclude error: the prior estimate used the information reasonably available at the earlier dates, and no prior-period fact was omitted or misapplied.
Instructional consequence
The learner preserves depreciation already recognized, computes carrying amount at the revision date, and allocates the remaining depreciable amount over the revised remaining life. Current and future periods absorb the effect as applicable. Earlier statements are not mechanically recomputed merely because a new estimate differs.
Limitations
This record does not classify every accounting change, prescribe disclosures, or address an inseparable change in principle and estimate beyond the bounded facts. A real conclusion requires paragraph-level research and evidence about what information was available when the original accounting was performed.