Identify the type of accounting change that is described in each item, and indicate whether the prior years' financial statements must be restated when presented in comparative form with the current year's financial statements. Also indicate if the company is required to justify the change. Assume ASPE is followed. Assume that each item on the following list would have a material effect on the financial statements of a private enterprise in the current year: Restatement of Prior Years in comparative Financial Statements Type of Change 1. 2. A change to the income taxes payable method from the future income taxes method A change in the estimated useful life of previously recorded capital assets where the straight-line depreciation method is used A change from deferring and amortizing development costs to immediate recognition of development costs as expense; the change to immediate recognition arises because the company does not have the resources to market the new product adequately Change in accounting policy Change in accounting estimate Change in classification Correction of an error Change in accounting policy / Change in accounting estimate Change in accounting policy / Correction of an error Change in accounting estimate / Correction of an error No change 3. 4.