Z Company Acquired a Subsidiary Several Years Ago That Was

Multiple Choice

Z Company acquired a subsidiary several years ago that was appropriately excluded from consolidation last year. This year Z has consolidated the subsidiary in its financial statements. This results in:

A) An accounting change that should be reported prospectively.
B) A correction of an error.
C) An accounting change that should be reported by restating the financial statements of all prior periods presented.
D) Neither an accounting change nor a correction of an error.