Company purchased a machine on January 1, 2001 for $10,000 the assets use for life was originally estimated to be 10 years management decided to switch from double declining depreciation method to straight line depreciation methods after two years as they believed it would better represent the loss of its value over time under IAS 8:

A) is the change considered a change in policy change of an estimate or error

B) should the company apply the change retrospectively or prospectively

C) should management adjust historical cost amount of an undertaking's assets to recognize a change in the assets estimated use for life

Question 16 14 points Company purchased a machine on 1 January 2001 for 10,000. These life was original estimated to be 10 years. Management decided to switch from double dening depreciation method 10 straight line depreciation method after 2 years as they believed it would better represent the loss of its value over time. Under AS A Is this change considered a change in policy change of an estimate or error? 7. Should the company apply the change retrospectively or prospectively C.Should management adjust the historical cost amount of an undertaking asset to recognize a change in the assets estimated useful life? Question 16 14 points Company purchased a machine on January 2001 for 10.000 Theaters use it was originally estimated to be 10 years. Management decided to switch from double dodiring depreciation method to straight line depreciation method after 2 years as they believed it would better represent the loss of its value over time. Under & A change considered a change in policy change of an estimate of # Should the company apply the change retrospectively or prospectively CShould management adjust the historical cost amount of an undertakings esses to recognithe assets estimated the ite