A general description of the amortization methods applicable to major classes of depreciable assets is not essential to a fair presentation of financial position.

Question

Quizplus · Accepted Answer

A general description of the amortization methods applicable to major classes of depreciable assets is essential to a fair presentation of financial position. It is necessary to disclose how the assets are being depreciated so that the financial statements accurately reflect the value of the assets and the impact of depreciation on the company's financial position. Failure to disclose this information could mislead investors and other stakeholders.

A General Description of the Amortization Methods Applicable to Major