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?

Which of the following changes should be accounted for using the retrospective approach?

A change in the estimated life of a depreciable asset.
A change from straight-line to declining balance depreciation.
A change to the LIFO method of costing inventories.
A change in accounting for long-term construction contracts by recognizing revenue over time rather than when the contract is completed.

Correct - Your answer is correct.

Wrong - Your answer is wrong.

Detailed Answer

Correct answer: (D)

A change in accounting for long-term construction contracts by recognizing revenue over time rather than when the contract is completed.

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