Situation A: Tucker Corporation has determined that the depreciable lives of several operating machines are too long and thus do not fairly match the cost of the assets with the revenues produced. Tucker therefore decides to reduce the depreciable lives of these machines by three years.
Situation B: Trent Company decides that at the beginning of the year, it will adopt the FIFO method of inventory valuation. Trent had previously used LIFO.
What types of accounting changes are involved in the two situations? Describe the method of reporting the changes under current GAAP.