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

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.