Striker has determined that the depreciable lives of several production machines are too long and thus do not fairly match the cost of the assets with the revenue. They, therefore, decide to reduce the depreciable lives of those machines by three years. 1. Is this change allowed? If so, is it a Change in accounting principle Change in accounting estimate Correction of an error in previously issued financial statements, or Change in reporting entity 2. In what Period should this be recognized (retrospective, current and/or prospective) 3. Is financial statement disclosure required?