Explain the steps required to correct an error in accounting for property, plant, and equipment and intangible assets that is discovered in a year subsequent to the year the error was made ...

If a material error is discovered in an accounting period subsequent ...

Explain the steps required to correct an error in accounting for property, plant, and equipment and intangible

Question:

Explain the steps required to correct an error in accounting for property, plant, and equipment and that is discovered in a year subsequent to the year the error was made.

Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented...