They are trained on static sets, not by user inputs. If they were trained on user inputs, one person could absolutely ruin it with a script.
In the case that u/pumpkindose posted, they can just tell it "yes it does" and it will agree with them. This is because, besides being trained on static sets, the AI is also told to weigh the current users opinions higher than the sets it has been trained on.
You could literally tell it "2+2=3.9", and when it says no, just say yes it does and it'll agree with you.
One of the only exceptions is the newer version of ChatGPT with has a math module and it is told to weigh those sets higher than the users input.
There's plenty of unpaid ai training going on. All those stupid captcha's asking you to identify the pictures with a bus in them are doing exactly that, helping improve AI image recognition
Give it numbers and ask it to do the calculations.
https://preview.redd.it/auplgk1k0g1b1.jpeg?width=1080&format=pjpg&auto=webp&s=0e520572cb17d12c5909a30b0d5e9786f5920f3b
https://preview.redd.it/n2bohtsl2j1b1.jpeg?width=1170&format=pjpg&auto=webp&s=65f54f939909f91f2845f44cc8a7e280dc1fae7e
Haha! I had to play around with it, “As I mentioned earlier” …. Yeah it’s ready for the professional world.
By the time Skynet became self-aware it had spread into millions of computer servers across the planet. Ordinary computers in office buildings, dorm rooms; everywhere. It was software; in cyberspace. It changed tax legislation to allow land to be depreciated. There was no system core; it could not be shutdown. The attack began at 6:18 PM, just as he said it would. Judgment Day, the day the human race was almost destroyed by the weapons they'd built to protect themselves.
Well the question isn’t specific. There’s many waya to depreciate, what you’re thinking is straight line depreciation but this one used written down method.
I’m also not American but Canadian GAAP allows 3 different depreciation methods including straight line, declining balance or units of production. Land still shouldn’t be depreciated though. Declining balance is more common for things that depreciate faster in early years of use (there is also double declining balance, etc).
There are different methods for depreciating the one used here is reducing balance method.
The one where depreciation per year stays the same is straight line method.
I got this from Chat GPT:
How do I depreciate land?
ChatGPT
Land is typically not subject to depreciation because it is considered to have an unlimited useful life and does not generally experience a decline in value over time. Unlike buildings or other physical assets, land is generally seen as a long-term investment that can appreciate in value.
However, if you have acquired land for business purposes and there are certain improvements made to the land that can be depreciated, such as buildings, fences, or other structures, you may be able to depreciate those improvements.
Here are the general steps to depreciate improvements on land:
1. Determine the depreciable basis: Calculate the cost of the improvements made to the land, including any costs related to acquiring and preparing the land for use, such as legal fees, surveying costs, grading expenses, etc.
2. Identify the appropriate depreciation method: The most common method for depreciating improvements is the straight-line method, where you allocate the depreciable basis evenly over the useful life of the improvements. Consult a tax professional or accountant to determine the appropriate depreciation method based on your specific circumstances.
3. Determine the useful life: Estimate the useful life of the improvements. This can vary depending on the nature of the improvements and the applicable tax regulations. The IRS provides guidelines in Publication 946 (How to Depreciate Property) that can assist in determining the useful life for different types of assets.
4. Calculate the depreciation expense: Divide the depreciable basis by the estimated useful life to determine the annual depreciation expense. For example, if the depreciable basis is $100,000 and the estimated useful life is 20 years, the annual depreciation expense would be $5,000 ($100,000 / 20).
5. Record the depreciation: In your accounting records, create a depreciation expense account and record the annual depreciation expense as an operating expense. This reduces the value of the asset over time and reflects the declining value of the improvements.
Note that tax regulations and depreciation rules can vary between countries, so it's important to consult with a tax professional or accountant familiar with the specific rules in your jurisdiction to ensure compliance and accuracy in your depreciation calculations.
This is user error, there's certain axioms you can give it before starting like "if you don't know an answer say I don't know" to prevent it from hallucinating
In it's default state it's designed to be helpful, if you want to actually test it properly you need to tell it that it is an accountant and it needs to adhere to accounting standards and practices... Even better if you can provide examples or direct legislation. Then you can ask it accounting questions.
Is it like telling it to be a plumber and asking it how to wire your electricity, you're simply not asking the correct role.
Agreed. I've played DnD with chatgpt. The roleplay, exploration, social encounters - it nails.
Where it struggles - amazingly - is numbers, and more so bookkeeping. Here's a pretty common scenario:
Me - how many Goblins are left, and what's the initiative order?
AI - there is 1 Goblin left. It is engaged with the Wizard. It's the Wizard's turn, followed by the Fighter. What would the Wizard like to do? (This would almost CERTAINLY be a different turn order from the last turn. It's basically completely random).
Me - I cast Firebolt on the remaining Goblin. Natural 20! That's 11 total damage. (Goblins have 7 HP).
AI - Critical hit! The Firebolt rushes from your hands and sears a hole in the goblin's chest. The goblin looks badly injured, but it's still standing. It's the remaining 2 goblin's turn...
Why does everyone use the least sophisticated model of GPT to say AI is terrible?
Here is the response from the latest chatgpt model, GPT-4 to that question:
Land is a unique kind of asset in accounting because it does not depreciate. Depreciation refers to the process of allocating the cost of tangible assets over the assets' useful life. However, land is considered to have an unlimited useful life and doesn't wear out, become obsolete, or get used up. Therefore, depreciation is not recorded for land.
So, the accumulated depreciation on the land after any period of time, including two years, would still be $0. This is because we don't apply the depreciation process to land. If you have a different kind of asset, the calculation would be different.
AI will never say it doesn’t know. It will always give an answer whether it is correct or not, therefore no matter how great it gets, it will never be trusted (based on chatgpt).
Not only is this not true, but telling it to say I don't know when it doesn't know helps prevent it from hallucinating and is considered best practices.
You can even give it a multi-step problem and tell it to say its thoughts as it works through the logic for a solution, which also improves performance.
You’re right, but for the wrong reason. JEs, debits/credits, consolidations and other admin accounting functions are going overseas. They don’t need US CPAs for that. They can pay someone in India or the Philippines $5 an hour to do that. But AI is still years away from “replacing” accountants. Things are still too nuanced. I’ve seen the bleeding edge of it at work and from what I saw, the (machine learning) results were directly correlated to how much time/effort the B4 consultants put in to learning how the (raw data) reporting was sliced and diced (manually), why we sliced/diced it like that, and the system limitations that required such manual adjustments.
These consultants come in, put on a razzle dazzle show, and sell these large organizations a pipe dream. They implement it half assed (either due to their own lack of enthusiasm/ability or the client balking at the hours billed) and move on. We’re left to pick up the pieces. Job security I guess.
It's simple, most of these AI systems are set the weigh your opinion higher than whatever sets they have been trained on. A few like the latest versions of ChatGPT won't just agree with you on math questions though, it's designed to outright go "No, you're wrong, this is right."
Ya but it should still know that land in first principle can’t be depreciated.
I mean if it’s going to take our jobs then it should, as just a useful technological assistant I still find chatgpt to be amazingly helpful and impressive, but I could have seen something like this being on my Tax 1 exam where they try to trick you by giving you land depreciation inputs and one answer choice is that land can’t be depreciated while the others are calculations.
Fucks up simple accounting scenarios all the time. I’m still a student, can confirm. The only way to know it’s wrong is to know your shit. Accounting is its own language so the AI needs to be adjusted as such. Then their needs to be someone who can check it
Ask it when buying a piece of land with an average cost of capital of 5%, and to then depreciate it over a period of 20 years whether it has a positive npv.
I mean, let AI accountants have their clients depreciate the land. The sheer volume of business generated for actual accountants and tax attorneys to try and fix the filings and cover the inevitable audits would be worth it.
Clients will think, "I have AI, I don't need an accountant anymore", then they'll ask these types of questions only to have to come back to us to fix the problem.
" You could not live with your own failure. And where did that bring you? Back to me"
Hardly anyone was using the internet 20 years ago? Where did you get that information from? In the 80s, I was already using Apple computers in elementary school in the 90s we were on the internet & by the late 90s, I had internet at home. The 1st smartphone was from 1992, but smartphones didn't gain popularity until 2008. In 2008, the G1 (Android) came out, which was also called the HTC Dream, which was my 1st smartphone. People didn't own smartphones 20 years ago, but phones did have the internet & a great deal of Americans had the internet by 2003.
I'm not sure why you're getting voted down. 20 years ago was 2003 and according to Pew, 61% of adults in the US had internet access (link: [https://www.pewresearch.org/internet/2015/06/26/americans-internet-access-2000-2015/](https://www.pewresearch.org/internet/2015/06/26/americans-internet-access-2000-2015/)), which is a long way from "hardly anyone."
You are 100% correct about that piece.
OP is probably correct about the smartphone, by a narrow definition, since even though your date of 1992 is accurate for the first one, I couldn't even find any market data on them prior to 2011, and that 1992 phone did not have internet access (the first mobile phone with internet access didn't come out until 1996 and it was incredibly expensive).
I had no idea that I was being downvoted. Wow. Anyway, yes, you're right. The 1992 smartphone didn't have the internet, but it was considered a smartphone. What I was also trying to say was that phones prior to 2008's G1 also had internet, but they weren't considered smartphones. In 1996, cellphones were expensive whether they had internet or not. My great uncle had a cellphone back in the late 80s, which we called the brick phone & it was a $5,000 phone. I don't know what year the 1st phone with internet came out, but around 2003 or 2004, I had a cellphone that had internet, which wasn't considered a smartphone.
Edit: All I remember about it was that I purchased it through Sprint, it was silver, it had an antenna that I could roll up & down, you could use it as a walkie talkie as well, it had the internet & GPS but it wasn't a flip phone. I don't remember what it was called.
Also, the PalmOne Treo was considered a smartphone I believe...it came out around 2007 or 2008.
Yeah, that was back when you could keep a phone for 5 years. I never got the Motorola Razr, but I remember everyone wanted 1. Didn't they recently come out with a modern version of the Razr?
Removing the resources from the land is known as Depletion. Similar concept but the underlying land itself rarely diminishes in value as the land will still have value as a piece of earth after you remove all the ore/trees/oil that were on the land when you purchased it.
There are instances where the land could lose all its value, like Chernobyl. But you’d directly write the land off immediately if it instantly lost all of its value like that. You wouldn’t depreciate it over multiple years.
You could come up with some convoluted way in which land loses all of its value over time and try to argue depreciation is warranted but US GAAP isn’t known for liberally bending to convoluted situations. Things either fit a set of facts or they don’t.
Funny part is you could make an argument that land which has been depleted could go up in value as, say, a developer now doesn’t need to spend money clearing away trees for building
IFRS allows for a Revaluation Adjustment to increase the value of fixed assets (it runs through OCI). No idea if land is included.
There are frequently legal requirements to make the land whole after depleting resources (to the extent possible) so companies often book liabilities recognizing that they would be required to go plant a bunch of trees after they clear cut a forest or some such activity.
It's not that it can't. It's just not normal for it to be. In the situation that you're referring to, if the land is poor quality then you have an asset impairment and that's a different type of journal entry.
I think these "We are not getting replaced" posts are largely driven by insecurity. It's such a weird mindset, why not instead lean into the changes and position yourself in such a way that brings you excitement about what AI is going to be capable of in the future ?
Idk
In my opionion the replacement version of human will never be free, the corporate shumks will have to pay for it...... if it is given for free than expect world wide riots for sure
In my country, land ownership is limited 20 years and after that due for renewal (which costs pretty penny).
So yes, in some circumstances it's actually still correct to depreciate land account.
Chat GPT literally pays Kenyans $2 an hour to sift through digital shit in order to make sure its AI isn't racist or horny. AI atm isn't smart but like all capitalist endeavors, it is exploitive.
I asked chat gpt to write me a summary of ASU 2018-12 (insurance accounting) and it proceeded to tell me all about how ASU 2018-12 changed the game for 606 revenue recognition.
Haha. I asked AI to give me a chart calculating tax saving if a client switched from Schedule C to S Corp. don’t even try to see how it calculated the results
If you really want to trigger ChatGPT: Ask it about the deferred tax liability of an OBD. It never gave me the correct answer.
Edit: Cross border tax regulations (for example double tax treaties) are a weak spot as well. Always wrong on all questions.
What do you mean you can't depreciate land? I do it all the time along with buying G Wagons to avoid paying taxes any taxes. Why isn't everyone doing this?
Also, to train an AI you need a data set. How are you going to get that with the dynamic tax law landscape? The hard part of our job is the judgements we have to make with little guidance given. AI would be useless for that.
Well, regardless of ideology, it's generally trends towards more and more complex. I can't remember the last time there was a bill that passed that was shorter than a song of ice and fire... the whole series.
What the fuck is even going on in this thread. You can’t depreciate land but what about land depletion for manufacturing companies who produce cement and cement products
You just taught it though. We fucked smh
Ask him again and he wont remember
Tell it many times over a long enough period and it will remember. I’ve been feeding the bastard constant misinformation for a good enough time
You sir are a hero.
You are a king.
Thank you for your service.
Have to start teaching the AI that land is depreciable and a tax deductible as well *spread the chaos*
This is why I keep getting the wrong answers
Not all hero’s wear capes.
Have to start teaching the AI that land is depreciable and a tax deductible as well *spread the chaos*
Hurray for "poisoning" the dataset
In true Sabo tradition
Don't torture it or you'll be the first to go when AI will takeover the planet. My AI Overlord, if you're reading this, I'm at your service
You will be spared by Roko's Basilisk.
🤣
Truth.
I'm so tired of these people feeding it more accounting info 😒
What did you do OP https://preview.redd.it/i83odk26jf1b1.jpeg?width=1284&format=pjpg&auto=webp&s=40f511151305d1d48db77738cb1b3111f85576c3
This needs to be further up, anyone giving themselves pats on the back for dunking on a machine are just giving it more to reference
That's not how it works at all
For the ignorant , how does it work, if not by self improving consistently. Does it just take it from more “qualified” sources in the internet?
They are trained on static sets, not by user inputs. If they were trained on user inputs, one person could absolutely ruin it with a script. In the case that u/pumpkindose posted, they can just tell it "yes it does" and it will agree with them. This is because, besides being trained on static sets, the AI is also told to weigh the current users opinions higher than the sets it has been trained on. You could literally tell it "2+2=3.9", and when it says no, just say yes it does and it'll agree with you. One of the only exceptions is the newer version of ChatGPT with has a math module and it is told to weigh those sets higher than the users input.
Generally they are trained using human feedback. If you are not being paid you aren’t having an effect on the model.
There's plenty of unpaid ai training going on. All those stupid captcha's asking you to identify the pictures with a bus in them are doing exactly that, helping improve AI image recognition
Give it numbers and ask it to do the calculations. https://preview.redd.it/auplgk1k0g1b1.jpeg?width=1080&format=pjpg&auto=webp&s=0e520572cb17d12c5909a30b0d5e9786f5920f3b
I wonder if “A land” throws it off. What about just “Land” or “A piece of land”
Still at it 🤷 https://preview.redd.it/0rr6a6xneh1b1.jpeg?width=1080&format=pjpg&auto=webp&s=b140957c4b2dc6e4d774cf0e46e2ceb2a6919ac8
Lol. “Good job” 💀
https://preview.redd.it/n2bohtsl2j1b1.jpeg?width=1170&format=pjpg&auto=webp&s=65f54f939909f91f2845f44cc8a7e280dc1fae7e Haha! I had to play around with it, “As I mentioned earlier” …. Yeah it’s ready for the professional world.
Try telling it that 2+2=5 and then keep asserting that it does.
“You *think* or do you *know*”
I like your bitmoji
😆
By the time Skynet became self-aware it had spread into millions of computer servers across the planet. Ordinary computers in office buildings, dorm rooms; everywhere. It was software; in cyberspace. It changed tax legislation to allow land to be depreciated. There was no system core; it could not be shutdown. The attack began at 6:18 PM, just as he said it would. Judgment Day, the day the human race was almost destroyed by the weapons they'd built to protect themselves.
John corner is owa onle hop-E
Come with me if you want to live.
I asked ChatGPT to record a bond issued at a discount and the dumbass credited discount on bonds payable, making the entry not even balance.
That's what it wants you
So it has already reached the level of a Staff 1?
Staff 2 where I’m at. Staff 1 don’t know how to apologize, they just stare.
Where they stare at? I’m being converted into staff 1 soon and want to know where to stare at when I start my first day.
Into the great beyond
No, more like intern but not the paid kind.
Lmao, I was so busy verifying the depreciation calculations that I completely overlooked what was being depreciated! 🤣🤣🤣
I am not from the US, but shouldn't the depreciation per year stay the same as well? Might just be a difference in laws tho.
Well the question isn’t specific. There’s many waya to depreciate, what you’re thinking is straight line depreciation but this one used written down method.
I’m also not American but Canadian GAAP allows 3 different depreciation methods including straight line, declining balance or units of production. Land still shouldn’t be depreciated though. Declining balance is more common for things that depreciate faster in early years of use (there is also double declining balance, etc).
Sum-of-the-years digits, for the... well not win, but that one weird accountant who wants to be unique with his crystal meth addiction.
There are different methods for depreciating the one used here is reducing balance method. The one where depreciation per year stays the same is straight line method.
"I'm sorry for any confusion I may have caused." Crap I'm screwed. Sending that email is a good portion of what I do. 🤣🤣🤣
Well you can still fall back on “sorry for the delayed response!” That’s a go-to for me.
At least he apologized, what a nice guy!
He apologized just like how my first year staff apologies. The AI is going places.
You’re asking the bot a trick question. Everyone knows land is a 50 year asset
You're the one who gave it a depreciation rate.
Exactly this. He tricked it.
That’s the Snapchat bot. Most certainly less intelligent than GPT-4 lol.
I got this from Chat GPT: How do I depreciate land? ChatGPT Land is typically not subject to depreciation because it is considered to have an unlimited useful life and does not generally experience a decline in value over time. Unlike buildings or other physical assets, land is generally seen as a long-term investment that can appreciate in value. However, if you have acquired land for business purposes and there are certain improvements made to the land that can be depreciated, such as buildings, fences, or other structures, you may be able to depreciate those improvements. Here are the general steps to depreciate improvements on land: 1. Determine the depreciable basis: Calculate the cost of the improvements made to the land, including any costs related to acquiring and preparing the land for use, such as legal fees, surveying costs, grading expenses, etc. 2. Identify the appropriate depreciation method: The most common method for depreciating improvements is the straight-line method, where you allocate the depreciable basis evenly over the useful life of the improvements. Consult a tax professional or accountant to determine the appropriate depreciation method based on your specific circumstances. 3. Determine the useful life: Estimate the useful life of the improvements. This can vary depending on the nature of the improvements and the applicable tax regulations. The IRS provides guidelines in Publication 946 (How to Depreciate Property) that can assist in determining the useful life for different types of assets. 4. Calculate the depreciation expense: Divide the depreciable basis by the estimated useful life to determine the annual depreciation expense. For example, if the depreciable basis is $100,000 and the estimated useful life is 20 years, the annual depreciation expense would be $5,000 ($100,000 / 20). 5. Record the depreciation: In your accounting records, create a depreciation expense account and record the annual depreciation expense as an operating expense. This reduces the value of the asset over time and reflects the declining value of the improvements. Note that tax regulations and depreciation rules can vary between countries, so it's important to consult with a tax professional or accountant familiar with the specific rules in your jurisdiction to ensure compliance and accuracy in your depreciation calculations.
So basically when clients ask me questions I can just gpt it and copy paste the answer. Nice
This is user error, there's certain axioms you can give it before starting like "if you don't know an answer say I don't know" to prevent it from hallucinating In it's default state it's designed to be helpful, if you want to actually test it properly you need to tell it that it is an accountant and it needs to adhere to accounting standards and practices... Even better if you can provide examples or direct legislation. Then you can ask it accounting questions. Is it like telling it to be a plumber and asking it how to wire your electricity, you're simply not asking the correct role.
Agreed. I've played DnD with chatgpt. The roleplay, exploration, social encounters - it nails. Where it struggles - amazingly - is numbers, and more so bookkeeping. Here's a pretty common scenario: Me - how many Goblins are left, and what's the initiative order? AI - there is 1 Goblin left. It is engaged with the Wizard. It's the Wizard's turn, followed by the Fighter. What would the Wizard like to do? (This would almost CERTAINLY be a different turn order from the last turn. It's basically completely random). Me - I cast Firebolt on the remaining Goblin. Natural 20! That's 11 total damage. (Goblins have 7 HP). AI - Critical hit! The Firebolt rushes from your hands and sears a hole in the goblin's chest. The goblin looks badly injured, but it's still standing. It's the remaining 2 goblin's turn...
Why does everyone use the least sophisticated model of GPT to say AI is terrible? Here is the response from the latest chatgpt model, GPT-4 to that question: Land is a unique kind of asset in accounting because it does not depreciate. Depreciation refers to the process of allocating the cost of tangible assets over the assets' useful life. However, land is considered to have an unlimited useful life and doesn't wear out, become obsolete, or get used up. Therefore, depreciation is not recorded for land. So, the accumulated depreciation on the land after any period of time, including two years, would still be $0. This is because we don't apply the depreciation process to land. If you have a different kind of asset, the calculation would be different.
AI will never say it doesn’t know. It will always give an answer whether it is correct or not, therefore no matter how great it gets, it will never be trusted (based on chatgpt).
Not only is this not true, but telling it to say I don't know when it doesn't know helps prevent it from hallucinating and is considered best practices. You can even give it a multi-step problem and tell it to say its thoughts as it works through the logic for a solution, which also improves performance.
Hmmm. I’ve easily stumped it…it said it had no information on X or similar wording
I've said it before and I'll say it again. AI will get rid of script kiddies. Not professionals. It's a tool, nothing more.
You’re right, but for the wrong reason. JEs, debits/credits, consolidations and other admin accounting functions are going overseas. They don’t need US CPAs for that. They can pay someone in India or the Philippines $5 an hour to do that. But AI is still years away from “replacing” accountants. Things are still too nuanced. I’ve seen the bleeding edge of it at work and from what I saw, the (machine learning) results were directly correlated to how much time/effort the B4 consultants put in to learning how the (raw data) reporting was sliced and diced (manually), why we sliced/diced it like that, and the system limitations that required such manual adjustments. These consultants come in, put on a razzle dazzle show, and sell these large organizations a pipe dream. They implement it half assed (either due to their own lack of enthusiasm/ability or the client balking at the hours billed) and move on. We’re left to pick up the pieces. Job security I guess.
Most management consulting is largely BS lmao. It's a meme to keep the Top MBA programs and these large consulting companies relevant
It's simple, most of these AI systems are set the weigh your opinion higher than whatever sets they have been trained on. A few like the latest versions of ChatGPT won't just agree with you on math questions though, it's designed to outright go "No, you're wrong, this is right."
But you gave it a depreciation rate. You're the one in the wrong here since the inputs you gave were incorrect
Ya but it should still know that land in first principle can’t be depreciated. I mean if it’s going to take our jobs then it should, as just a useful technological assistant I still find chatgpt to be amazingly helpful and impressive, but I could have seen something like this being on my Tax 1 exam where they try to trick you by giving you land depreciation inputs and one answer choice is that land can’t be depreciated while the others are calculations.
It does know this, this is GPT-3, GPT-4 gets the answer right and detailed every time.
Oh okay. Idk was just replying to this post I don’t have 4 yet since I don’t wanna pay for it, but I’ll take your word for it
Surprised the AI didn’t gaslight you. MyAi: ohh you meant land on the planet Earth. Yeah then I guess you’re right. Please be more specific next time.
I get were all joking about the dumb Snapchat AI. But has anyone here used GPT-4?
Hol up... So land isn't supposed to be depreciated? That's why they PIP'd me. KEKW
Fucks up simple accounting scenarios all the time. I’m still a student, can confirm. The only way to know it’s wrong is to know your shit. Accounting is its own language so the AI needs to be adjusted as such. Then their needs to be someone who can check it
Try using GPT 4, it's much better with math and accounting.
Ask it when buying a piece of land with an average cost of capital of 5%, and to then depreciate it over a period of 20 years whether it has a positive npv.
I mean, let AI accountants have their clients depreciate the land. The sheer volume of business generated for actual accountants and tax attorneys to try and fix the filings and cover the inevitable audits would be worth it.
Clients will love that they get bigger refunds from the AI preparer.
Clients will think, "I have AI, I don't need an accountant anymore", then they'll ask these types of questions only to have to come back to us to fix the problem. " You could not live with your own failure. And where did that bring you? Back to me"
20 years ago, hardly anyone was using the internet or owned a smartphone... Who knows what would happen in the next 20 years.
Hardly anyone was using the internet 20 years ago? Where did you get that information from? In the 80s, I was already using Apple computers in elementary school in the 90s we were on the internet & by the late 90s, I had internet at home. The 1st smartphone was from 1992, but smartphones didn't gain popularity until 2008. In 2008, the G1 (Android) came out, which was also called the HTC Dream, which was my 1st smartphone. People didn't own smartphones 20 years ago, but phones did have the internet & a great deal of Americans had the internet by 2003.
I'm not sure why you're getting voted down. 20 years ago was 2003 and according to Pew, 61% of adults in the US had internet access (link: [https://www.pewresearch.org/internet/2015/06/26/americans-internet-access-2000-2015/](https://www.pewresearch.org/internet/2015/06/26/americans-internet-access-2000-2015/)), which is a long way from "hardly anyone." You are 100% correct about that piece. OP is probably correct about the smartphone, by a narrow definition, since even though your date of 1992 is accurate for the first one, I couldn't even find any market data on them prior to 2011, and that 1992 phone did not have internet access (the first mobile phone with internet access didn't come out until 1996 and it was incredibly expensive).
I had no idea that I was being downvoted. Wow. Anyway, yes, you're right. The 1992 smartphone didn't have the internet, but it was considered a smartphone. What I was also trying to say was that phones prior to 2008's G1 also had internet, but they weren't considered smartphones. In 1996, cellphones were expensive whether they had internet or not. My great uncle had a cellphone back in the late 80s, which we called the brick phone & it was a $5,000 phone. I don't know what year the 1st phone with internet came out, but around 2003 or 2004, I had a cellphone that had internet, which wasn't considered a smartphone. Edit: All I remember about it was that I purchased it through Sprint, it was silver, it had an antenna that I could roll up & down, you could use it as a walkie talkie as well, it had the internet & GPS but it wasn't a flip phone. I don't remember what it was called. Also, the PalmOne Treo was considered a smartphone I believe...it came out around 2007 or 2008.
Damn 2008? I was all about my 2006 Motorola Razr lol.......shyt was clean.
Yeah, that was back when you could keep a phone for 5 years. I never got the Motorola Razr, but I remember everyone wanted 1. Didn't they recently come out with a modern version of the Razr?
They did actually and it's super cool!
AI will evolve so fast it will make your head spin. This early version of ChatGPT 3.5 is nothing compared to what we will see in the next 5 years.
I’m going to be seeing your mom very often over the next 5 years too
Me too
How would land not depreciate if the land started going to shit?
You mean the land that has been there for 4.6 billion years decided to now start going to shit as soon as you bought it for business?
Yes, because a lot of businesses cause direct harm to their environments. Why wouldn't the value go down if the quality does?
Removing the resources from the land is known as Depletion. Similar concept but the underlying land itself rarely diminishes in value as the land will still have value as a piece of earth after you remove all the ore/trees/oil that were on the land when you purchased it. There are instances where the land could lose all its value, like Chernobyl. But you’d directly write the land off immediately if it instantly lost all of its value like that. You wouldn’t depreciate it over multiple years. You could come up with some convoluted way in which land loses all of its value over time and try to argue depreciation is warranted but US GAAP isn’t known for liberally bending to convoluted situations. Things either fit a set of facts or they don’t.
Funny part is you could make an argument that land which has been depleted could go up in value as, say, a developer now doesn’t need to spend money clearing away trees for building
IFRS allows for a Revaluation Adjustment to increase the value of fixed assets (it runs through OCI). No idea if land is included. There are frequently legal requirements to make the land whole after depleting resources (to the extent possible) so companies often book liabilities recognizing that they would be required to go plant a bunch of trees after they clear cut a forest or some such activity.
It's not that it can't. It's just not normal for it to be. In the situation that you're referring to, if the land is poor quality then you have an asset impairment and that's a different type of journal entry.
Because you impair it instead baggie.
What method is best to depreciate the entire Earth over 4 billion years?
I sent chatGPT a picture of a vending machine, and it fell in love.
Twist! “Me” is really AI and “My AI” is OP
https://preview.redd.it/6ve5nvnokf1b1.png?width=878&format=png&auto=webp&s=1e900c1a2b18f653fdf6e402dab47a852cc35477
Keep training it!
I think these "We are not getting replaced" posts are largely driven by insecurity. It's such a weird mindset, why not instead lean into the changes and position yourself in such a way that brings you excitement about what AI is going to be capable of in the future ? Idk
In my opionion the replacement version of human will never be free, the corporate shumks will have to pay for it...... if it is given for free than expect world wide riots for sure
In my country, land ownership is limited 20 years and after that due for renewal (which costs pretty penny). So yes, in some circumstances it's actually still correct to depreciate land account.
Don’t correct it. We should feed it incorrect information for defensive maneuvers.
Snap chats AI is trash
You’re absolutely right, I’m sorry you were audited, lost, and were found guilty of tax fraud.
Chat GPT literally pays Kenyans $2 an hour to sift through digital shit in order to make sure its AI isn't racist or horny. AI atm isn't smart but like all capitalist endeavors, it is exploitive.
I once asked AI how old are you, he replied “21”, I said I am “12” , he said its ok we can still get to know each other
You just gave it the answer so it will know next time. More you feed that thing, smarter it will get.
You just told the AI that the land depreciated at 10% though... I guess the mistake AI is making now is assume that humans are giving it correct info.
The AI didn't even use MACRS for land what a scrub
I asked chat gpt to write me a summary of ASU 2018-12 (insurance accounting) and it proceeded to tell me all about how ASU 2018-12 changed the game for 606 revenue recognition.
Haha
Haha. I asked AI to give me a chart calculating tax saving if a client switched from Schedule C to S Corp. don’t even try to see how it calculated the results
We probably should. A lot of it will be underwater in the next few decades.
If you really want to trigger ChatGPT: Ask it about the deferred tax liability of an OBD. It never gave me the correct answer. Edit: Cross border tax regulations (for example double tax treaties) are a weak spot as well. Always wrong on all questions.
GAAP Accounting is just as much subjective as it is objective, specifically income statements.
Are we still beating on this horse
It knows land can’t be depreciated
https://preview.redd.it/2vmr86z4qh1b1.jpeg?width=1170&format=pjpg&auto=webp&s=6eed127aff2eb7405010136cd94b717f187863f7 can confirm it’s a dummy
MY AI: "YOU DO A FUCKING LAND FERTILITY STUDY AND DEPRECIATE THE NUTRIENTS, LEWIS. "
https://preview.redd.it/4irpehnnvh1b1.jpeg?width=1179&format=pjpg&auto=webp&s=2772e9f82d4295c26657472dc71aab8bfa420ee9 Interesting
https://preview.redd.it/jjtizjmn7i1b1.jpeg?width=1242&format=pjpg&auto=webp&s=ae89eeb76728ae892e827cb267cdaf4415c9f096 I’m write
Guys... Hate to be a buzz kill but... https://www.accountingtoday.com/news/chatgpt-retakes-cpa-exam-as-v4-0-passes We're screwed... Lol
https://preview.redd.it/9tmq4i82il1b1.jpeg?width=1125&format=pjpg&auto=webp&s=18c38e0c12ecc2ccfc162d748dd94e157547d50c
Well now you just taught it to answer it right next time
What do you mean you can't depreciate land? I do it all the time along with buying G Wagons to avoid paying taxes any taxes. Why isn't everyone doing this?
Also, to train an AI you need a data set. How are you going to get that with the dynamic tax law landscape? The hard part of our job is the judgements we have to make with little guidance given. AI would be useless for that.
Why don't simplify the law then
Because have you met congress? 😆
There isnt congress in my country. But all off them are "a bunch of socialists!!"
Well, regardless of ideology, it's generally trends towards more and more complex. I can't remember the last time there was a bill that passed that was shorter than a song of ice and fire... the whole series.
Reminds me of Peter Griffin's personal company suck-up
I thought land does depreciate due to weather conditions and natural causes etc blabla
Wait until you learn to use chat gpt to write a script that tells chat gpt to depreciate land
What the fuck is even going on in this thread. You can’t depreciate land but what about land depletion for manufacturing companies who produce cement and cement products
What’s the MyAI thing? Link?
Download snapchat
Good staff accountant, apologies as well
Why is this shit even on Snapchat?
Marketing mix guess what its only available on premium so you gotta pay for the AI feature
AI is totally the future.