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When auditing the 20X1 financial statements, the internal auditors of Vigilant Company discovered that the company had omitted to recognize a depreciation expense of $60,000 of an intangible fixed asset in the 20X0 financial statements

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When auditing the 20X1 financial statements, the internal auditors of Vigilant Company discovered that the company had omitted to recognize a depreciation expense of $60,000 of an intangible fixed asset in the 20X0 financial statements. The following are excerpts from the income statement 20X0 and 20X1 before adjustment: 2010 2011 Revenue $1,000,000 $900,000 $1,200,000 $1,050,000 Total Cost Retained Earning (not distributing) beginning the year 20X0 is $200.000. Income Tax Rate for 2 years is 25%/y. In both year there are not distributed dividents. Required : Presenting the accounting method to handle the above error according to IAS 8.