QUESTION TEN: Disclosure issues (Total: 6 marks) Note each event is independent A material error was discovered in the current year, relating to a transaction recorded two years ago. Management determines that retrospective application would be impracticable. REQUIRED: 10.1 State whether the above event should be accounted for and, if so, whether retrospectively or prospectively, and whether management can avoid application in accordance with AASB 108. (2 marks)