On 1 January 20X1 Soon Huat Supplies Pte Ltd paid $50,000 for the development of its website to promote the company's products. The web-based system comes with an interactive feature for its customers to place orders online. The company believed the system would have a six-year life and amortized the cost accordingly. However, the system did not work as expected and customer usage declined significantly after the first year because of ongoing system problems resulting in inaccurate orders. The company revised the useful life to four-life and account for it as a change in accounting estimate. At the end of the second year, the company concluded that the entire $50,000 expenditure was worthless from the beginning and decided to write it off retrospectively as a correction of error. 

Required: 

From the analysis of the information given above, determine and discuss the appropriate accounting treatment according to the applicable Singapore Financial Reporting Standards.