Canetoads Ltd Has Discovered That the Estimated Useful Life Made

Multiple Choice

Canetoads Ltd has discovered that the estimated useful life made on a material depreciable asset was incorrect due to a change in the way the asset was being used. The correct accounting treatment of this event is to:

A) disclose the change in the notes to the financial statements.
B) treat it as an error and adjust retrospectively.
C) treat it as a change in an accounting estimate and adjust prospectively.
D) treat it as a change in an accounting estimate and adjust retrospectively.