For each of the following situations, identify whether the situation should be considered a change in estimate, a change in policy, or correction of an error. Assume the company follows IFRS. Identify also whether the required adjustment should be made retrospectively or prospectively. Type of Change Change (or correction) to be Made (a) The benefits received from a piece of equipment were determined to be different than originally anticipated, so the company changed from straight-line depreciation to double-declining balance. select a type of change select an option (b) In the past, the company has used the cash basis of accounting, and this year is changing to the accrual basis of accounting. select a type of change select an option (c) The company decided that using the average cost method to value inventory would be reliable and more relevant than the FIFO method currently used. select a type of change select an option (d) The company discovered that the purchase of a piece of equipment had been expensed in a prior period instead of being capitalized and amortized. select a type of change select an option (e) The anticipated residual value of a piece of equipment was deemed to be not as large as originally estimated. select a type of change select an option