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Question 5 Answer all parts of this question a) When preparing its financial statements for the 20x1 financial year, Bloomer plc made the following two decisions: 1. The useful life of Bloomer's equipment was set to 10 years, for the purpose of computing depreciation. In its financial statements for the previous financial year (2080), Bloomer plc had applied a useful life of 11 years. 2. The revaluation model was chosen for the measurement of the carrying amount of Bloomer's properties. In prior accounting periods, Bloomer plc had always used the historical cost basis to measure the carrying amount of its properties. Required: Explain how the two decisions above should affect Bloomer's financial statements for the 20X1 financial year and for previous financial years, according to IAS 8 Accounting policies, changes in accounting estimates and errors