As part of its broader effort toward convergence with international reporting standards, the Financial Accounting Standards Board has issued Statement No. 154, "Accounting Changes and Error Corrections."

Statement 154 -- which supplants both APB Opinion No. 20 and FASB Statement No. 3, but contains elements of each -- requires that any change in method of depreciation, amortization or depletion for long-lived, non-financial assets be accounted for as a change in accounting estimate that is effected by a change in accounting principle.

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