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SOLUTION MANUAL
Modern Advanced Accounting In Canada,
10th Edition By Darrell Herauf, Chima Mbagwu,
Chapters 1 - 12, Complete
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Chapter 1
Conceptual & Case Analysis
Frameworks 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 between
IFRS 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 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.
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 new
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.
https://www.stuvia.com/user/papersprime
SOLUTION MANUAL
Modern Advanced Accounting In Canada,
10th Edition By Darrell Herauf, Chima Mbagwu,
Chapters 1 - 12, Complete
,https://www.stuvia.com/user/papersprime
,https://www.stuvia.com/user/papersprime
Chapter 1
Conceptual & Case Analysis
Frameworks 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 between
IFRS 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 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.
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 new
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.
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