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Can I change the Date in Service (DIS) for an asset recorded in a prior fiscal year?

April 26, 2017ASSET DIS prior recorded service

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Can I change the Date in Service (DIS) for an asset recorded in a prior fiscal year?

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No. A change to the date in service modifies the depreciation expense schedule of an asset and has a significant adverse impact on audited financial statements. A change to the date in service may result in prior period adjustments and failure to obtain clean audit.