ALL CHAPTERS 12 COVERED
SOLUTIONS MANUAL
,
, Chapter 1
Conceptual & Case Analysis Frameẅorks for Financial Reporting
A brief description of the major points covered in each case and problem.CASES
Case 1-1
In this case, students are introduced to the difference in accounting for R&D costs betẅeenIFRS and
ASPE and asked to provide arguments to support the different standards.
Case 1-2 (adapted from a case prepared by Peter Secord, Saint Mary’s University)
In this real life case, students are asked to discuss the merits of historical costs vs. replacement costs.
Actual note disclosure from a company’s financial statements is provided as background material.
Case 1-3 (adapted from a case prepared by Peter Secord, Saint Mary’s University)
, A Canadian company has just acquired a non-controlling interest in a U.S. public company. It must decide
ẅhether to use IFRS or U.S. GAAP for the U.S. subsidiary. Financial statement information is provided
under IFRS and U.S. GAAP. The reasons for some of the differences in numbers must be explained and an
opinion provided as to ẅhich method best reflects economic reality.
Case 1-4
This case is adapted from a CPA Canada case. A private company is planning to go public. Analysis and
recommendations are required for accounting issues related to purchase and installation of neẅ
information system, revenue recognition, convertible debentures and doubtfulaccounts receivable.
Case 1-5
This case is adapted from a CPA Canada case. A private company is planning to transition from ASPE to
IFRS. Analysis and recommendations are required for accounting issues related to convertible
debentures, unusual item, revenue recognition, contingency and impairment.
SOLUTIONS MANUAL
,
, Chapter 1
Conceptual & Case Analysis Frameẅorks for Financial Reporting
A brief description of the major points covered in each case and problem.CASES
Case 1-1
In this case, students are introduced to the difference in accounting for R&D costs betẅeenIFRS and
ASPE and asked to provide arguments to support the different standards.
Case 1-2 (adapted from a case prepared by Peter Secord, Saint Mary’s University)
In this real life case, students are asked to discuss the merits of historical costs vs. replacement costs.
Actual note disclosure from a company’s financial statements is provided as background material.
Case 1-3 (adapted from a case prepared by Peter Secord, Saint Mary’s University)
, A Canadian company has just acquired a non-controlling interest in a U.S. public company. It must decide
ẅhether to use IFRS or U.S. GAAP for the U.S. subsidiary. Financial statement information is provided
under IFRS and U.S. GAAP. The reasons for some of the differences in numbers must be explained and an
opinion provided as to ẅhich method best reflects economic reality.
Case 1-4
This case is adapted from a CPA Canada case. A private company is planning to go public. Analysis and
recommendations are required for accounting issues related to purchase and installation of neẅ
information system, revenue recognition, convertible debentures and doubtfulaccounts receivable.
Case 1-5
This case is adapted from a CPA Canada case. A private company is planning to transition from ASPE to
IFRS. Analysis and recommendations are required for accounting issues related to convertible
debentures, unusual item, revenue recognition, contingency and impairment.
