Generally accepted accounting principles require that, when the estimated useful life of a long-term asset is changed, previously-issued financial statements are not revised.

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According to generally accepted accounting principles, previously-issued financial statements should not be revised when the estimated useful life of a long-term asset is changed. Instead, the change should be reflected in future financial statements. This ensures consistency and comparability of financial information.

Generally Accepted Accounting Principles Require That, When the Estimated Useful