Entity x has a 31 December 2020 year-end. The entity has an item of property, plant and equipment with a carrying value of R 1 500000 on 1 January 2020. The original useful life was 5 years and the residual value was R200 000. On 15 October 2020 the entity established that the total useful life decreased to 4 years and the residual value decreased to 150000.

Which of the following statement(s) are correct. Select one or more answers

A.The above is a change in accounting policy and depreciation must be re-stated from the date the property, plant and equipment was available for use

B.The above transaction needs to be accounted for prospectively and needs to be disclosed accordingly.

C.No restatement is necessary arising from the above transaction

D.The above is a prior period error and should be accounted for prospectively