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Is kent required to separately disclose the error

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During 2021, Kent discovers that it has been using the wrong asset life to calculate depreciation. The expected life of the machines is 5 years, but the spreadsheet used to calculate depreciation was erroneously using 5.5 years. Although Kent believes that the error will not be material for the full fiscal year based on estimated annual income, it is determined that the error is material for the first quarter (interim) reporting period.

Problem 1: Is Kent required to separately disclose the error on the interim financial statements?

Reference no: EM132825610

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