PROFDOCSTUDYHUB
SOLUTION MANUAL
Modern Advanced Accounting In Canada
Chima Mbagwu
AP
10th Edition
EX
Chapter 1-12
SO
LU
TI
O
N
S
,PROFDOCSTUDYHUB
AP
EX
SO
LU
TI
O
N
S
,PROFDOCSTUDYHUB
Chapter 1
AP
Conceptual & Case Analysis
Frameworks for Financial Reporting
EX
A brief description of the major points covered in each case and
SO
problem.CASES
Case 1-1
In this case, students are introduced to the difference in accounting for R&D costs
LU
between IFRS and ASPE and asked to provide arguments to support the different
standards.
TI
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
O
provided as background material.
N
Case 1-3 (adapted from a case prepared by Peter Secord, Saint Mary’s University)
S
, PROFDOCSTUDYHUB
A Canadian company has just acquired a non-controlling interest in a U.S. public
company. It must decide whether 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
which method best reflects economic reality.
AP
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
EX
purchase and installation of new information system, revenue recognition, convertible
debentures and doubtfulaccounts receivable.
SO
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,
LU
contingency and impairment.
TI
O
N
S
SOLUTION MANUAL
Modern Advanced Accounting In Canada
Chima Mbagwu
AP
10th Edition
EX
Chapter 1-12
SO
LU
TI
O
N
S
,PROFDOCSTUDYHUB
AP
EX
SO
LU
TI
O
N
S
,PROFDOCSTUDYHUB
Chapter 1
AP
Conceptual & Case Analysis
Frameworks for Financial Reporting
EX
A brief description of the major points covered in each case and
SO
problem.CASES
Case 1-1
In this case, students are introduced to the difference in accounting for R&D costs
LU
between IFRS and ASPE and asked to provide arguments to support the different
standards.
TI
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
O
provided as background material.
N
Case 1-3 (adapted from a case prepared by Peter Secord, Saint Mary’s University)
S
, PROFDOCSTUDYHUB
A Canadian company has just acquired a non-controlling interest in a U.S. public
company. It must decide whether 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
which method best reflects economic reality.
AP
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
EX
purchase and installation of new information system, revenue recognition, convertible
debentures and doubtfulaccounts receivable.
SO
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,
LU
contingency and impairment.
TI
O
N
S
