Explanation of accounting standard
Give a brief explanation of the term accounting standard.
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Accounting standard is the authoritative statement on how a specific kind of transaction or other event must be reflected in financial statements. In UK, compliance with accounting standards is normally essential for financial statements to provide a true and fair view.
The following information is taken from the financial statements of an entity: 20x6 20x5 Property, plant and equipment $4,100,000 $3,600,000 Accumulated depreciation (1,400,000) (1,050,000) Depreciation expense 650,000 Gain on disposal of PPE 35,000 The asset disposed of had a cost of $400,000
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