If Ziggy Company concluded that an investment originally classified as held to maturity would now more appropriately be classified as available for sale, Ziggy would:
a) Reclassify the investment as available for sale and immediately recognize in net income any unrealized holding gain or loss on the reclassification date.
b) Not reclassify the investment, as original classifications are irrevocable.
c) Need to restate earnings, as the original classification was in error.
d) Reclassify the investment as available for sale and immediately recognize in accumulated other comprehensive income any unrealized holding gain or loss on the reclassification date.
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