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Describe the following situation in the context of the financial reporting quality spectrum. XYZ Co. discloses that in 2012, it changed the depreciable life of

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Describe the following situation in the context of the financial reporting quality spectrum. "XYZ Co. discloses that in 2012, it changed the depreciable life of its equipment from 3 years to 15 years. Equipment represents a substantial component of the company's assets. The company's disclosures indicate that the change is permissible under the accounting standards of its jurisdiction but provide only limited explanation of the change

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