A Change in the Estimated Useful Life of a Building

question 55

Multiple Choice

A change in the estimated useful life of a building:

• A) is not allowed under ASPE or IFRS.
• B) affects depreciation on the building beginning with the year of the change.
• C) must be handled as a retrospective adjustment to all accounts affected, back to the year of building acquisition.
• D) creates a new account to be recognized on the income statement, and reflects the depreciation difference up to the beginning of the year of change.

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Definitions:

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