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SOLUTIONS MANUAL for Modern Advanced Accounting in Canada, 10th Edition by Darrell Herauf, Murray Hilton and Chima Mbagwu ISBN 9781260881295 A+$14.99
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Modern Advanced Accounting In Canada, 10th Edition
Modern Advanced Accounting in Canada, 10th Edition
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SOLUTIONS MANUAL for Modern Advanced Accounting in Canada, 10th Edition by Darrell Herauf, Murray Hilton and Chima Mbagwu ISBN 9781260881295 A+
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Modern Advanced Accounting In Canada, 10th Edition
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Modern Advanced Accounting in Canada
SOLUTIONS MANUAL for Modern Advanced Accounting in Canada, 10th Edition by Darrell Herauf, Murray Hilton and Chima Mbagwu ISBN 9781260881295 A+TABLE OF CONTENTS CHAPTER 1 Conceptua l and Case Analysis Frameworks for Financial Reporting CHAPTER 2 Investments in Equity Securities CHAPTER 3 Business C...
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modern advanced accounting in canada 10th edition
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SOLUTIONS MANUAL for Modern Advanced Accounting in Canada, 10th Edition by Darrell Herauf,
Murray Hilton and Chima Mbagwu
L
SOLUTIONS MANUAL for Modern Advanced
Accounting in Canada, 10th Edition by Darrell Herauf,
Murray Hilton and Chima Mbagwu
Chapter 1
Conceptual & Case Analysis
Frameworks for Financial Reporting
A+ Page 1
,SOLUTIONS MANUAL for Modern Advanced Accounting in Canada, 10th Edition by Darrell Herauf,
Murray Hilton and Chima Mbagwu
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
A+ Page 2
,SOLUTIONS MANUAL for Modern Advanced Accounting in Canada, 10th Edition by Darrell Herauf,
Murray Hilton and Chima Mbagwu
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 doubtful
accounts 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.
.
2
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, SOLUTIONS MANUAL for Modern Advanced Accounting in Canada, 10th Edition by Darrell Herauf,
Murray Hilton and Chima Mbagwu
PROBLEMS
Problem 1-1 (40 min.)
A single asset is acquired. Students are asked to prepare and compare financial statement
numbers during the life of the asset using both a historical cost and a current value model.
Problem 1-2 (40 min.)
Details of a European company that reports using IFRS are given along with specific details
relating to certain account balances. Students are asked to show how these balances should
be reported under 1) ASPE and 2) IFRS using the facts provided. Students are also asked to
reconcile Net Income and Shareholders` Equity from IFRS to ASPE.
Problem 1-3 (50 min.)
A private company plans to convert to IFRS go public within 5 years. It wants to know the impact
on net income and shareholders’ equity if it converts from ASPE to IFRS for impaired loans,
interest costs, actuarial gains, compound financial instrument and income taxes.
Problem 1-4 (50 min.)
While taking the role of a financial analyst, the student uses vertical and horizontal analysis and
ratios to analyse and interpret the profitability, solvency and liquidity of a private company.
Problem 1-5 (25 min.)
A private company plans to convert to IFRS. It wants to know the impact on three key ratios if it
converts from ASPE to IFRS for impaired loans, capitalization of interest and actuarial
gains/losses.
Problem 1-6 (50 min.)
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