When There Is a Change Made to the Useful Life

question 34

Multiple Choice

When there is a change made to the useful life of an asset:

• A) It must be recognised as a change in an accounting estimate and the impact of the reported change must be disclosed in the notes to the accounts.
• B) It must be recognised as an error and all previous financial statements must be restated.
• C) It must be recognised as an error and opening retained earnings and opening balances of the asset must be restated.
• D) It is recognised as a change in an accounting estimate and the opening retained earnings and opening balances of the asset must be restated.

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