Capitalising Items from Prior Years

KarenYates Registered Posts: 1 New contributor 🐸
Following a review of items used within the business, we have identified a number of items which can now be capitalised as we have proven that they have a useful life of 2 years. As we had bought these items in the previous FY also, are we able to retrospectively capitalise the items if they were expensed in a previous year? Thanks
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