Entity is public sector, but not local / national government. Income c£10m.
Issue regarding a change of depreciation rates.
It's been recognised that some asset classes are over depreciated. Management have conducted a review, and shared with auditors who accept the findings.
However auditors are firm that any new rates should apply from start of next financial year.
Entity would prefer to apply new rates for the current financial year.
Q - can anyone think of any restrictions on amending depreciation rates in year. I can't see any logical reason for auditors insistence on deferral to new financial year.
Any thoughts welcome.