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Solution manual for modern advanced accounting in canada 9th edition hilton murray.pdf
Solution manual for modern advanced accounting in canada 9th edition hilton
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Copyright 2019 McGraw-Hill Education. All rightsmm mm mm mm mm mm
Solutions Manual, Chapter
mm mm
reserved.
mm
6 1
,COMPLETE SOLUTION MANUAL FOR mm mm mm
MODERN ADVANCED ACCOUNTING IN
mm mm mm mm
CANADA 9TH EDITION HILTON MURRAY,
mm m m m m m m m m
HERAUF DARRELL
m mm
Chapter 1 mm
Conceptual & Case Analysis mm mm mm mm
Frameworks for Financial Reporting mm mm mm
A brief description of the major points covered in each case and
mm mm mm mm mm mm mm mm mm mm mm
mm problem. CASES mm
Case 1-1 mm
In this case, students are introduced to the difference in accounting for R&D costs
mm mm mm mm mm mm mm mm mm mm mm mm mm
mm between IFRS and ASPE and asked to provide arguments to support the different
mm mm mm mm mm mm mm mm mm mm mm mm
mm standards.
Case 1-2 mm m m (adapted from a case prepared by Peter Secord, Saint Mary’s University)
mm mm mm mm mm mm mm mm mm mm
In this real life case, students are asked to discuss the merits of historical costs vs.
mm mm mm mm mm mm mm mm mm mm mm mm mm mm mm
mm replacement costs. mm m m Actual note disclosure from a company’s financial statements is
mm mm mm mm mm mm mm mm
mm provided as background material.
mm mm mm
Case 1-3 mm m m (adapted from a case prepared by Peter Secord, Saint Mary’s University)
mm mm mm mm mm mm mm mm mm mm
Copyright 2019 McGraw-Hill Education. All rights
mm mm mm mm mm mm
reserved. 2
mm mm Modern Advanced Accounting in Canada, Ninth
mm mm mm mm mm
Edition
,A Canadian company has just acquired a non-controlling interest in a U.S. public
mm mm mm mm mm mm mm mm mm mm mm mm
mm company. It must decide whether to use IFRS or U.S. GAAP for the U.S. subsidiary.
mm mm mm mm mm mm mm mm mm mm mm mm mm mm
mm Financial statement information is provided under IFRS and U.S. GAAP.
mm mm mm mm mm mm mm mm mm m m The reasonsmm
mm for some of the differences in numbers must be explained and an opinion provided as
mm mm mm mm mm mm mm mm mm mm mm mm mm mm
mm to which method best reflects economic reality.
mm mm mm mm mm mm
Case 1-4 mm
This case is adapted from a CPA Canada case.
mm mm mm mm mm mm mm mm m m A private company is planning to go
mm mm mm mm mm mm
mm public. Analysis and recommendations are required for accounting issues related to
mm mm mm mm mm mm mm mm mm mm
mm purchase and installation of new information system, revenue recognition, convertible
mm mm mm mm mm mm mm mm mm
mm debentures and doubtful accounts receivable.
mm mm mm mm
Case 1-5 mm
This case is adapted from a CPA Canada case.
mm mm mm mm mm mm mm mm m m A private company is planning to
mm mm mm mm mm
mm transition m m from ASPE to IFRS. Analysis and recommendations are required for
mm mm mm mm mm mm mm mm mm
mm accounting issues related to convertible debentures, unusual item, revenue recognition,
mm mm mm mm mm mm mm mm mm
mm contingency and impairment. mm mm
Copyright 2019 McGraw-Hill Education. All rights
mm mm mm mm mm mm
Solutions Manual, Chapter
mm mm
reserved. mm
6 3
, PROBLEMS
Problem 1-1 (40 min.) mm mm
A single asset is acquired. Students are asked to prepare and compare financial
mm mm mm mm mm mm mm mm mm mm mm mm
mm statement numbers during the life of the asset using both a historical cost and a
mm mm mm mm mm mm mm mm mm mm mm mm mm mm
mm current value model. mm mm
Problem 1-2 (40 min.) mm mm
Details of a European company that reports using IFRS are given along with specific
mm mm mm mm mm mm mm mm mm mm mm mm mm
mm details relating to certain account balances.
mm mm mm mm mm m m Students are asked to show how these
mm mm mm mm mm mm
mm balances should mm m m be reported under 1) ASPE and 2) IFRS using the facts provided.
mm mm mm mm mm mm mm mm mm mm mm
m m Students are also asked to reconcile Net Income and Shareholders` Equity from IFRS
mm mm mm mm mm mm mm mm mm mm mm mm
mm to ASPE.
mm
Problem 1-3 (50 min.) mm mm
A private company plans to convert to
mm mm mm mm mm mm m m IFRS go public within 5 years. It wants to know
mm mm mm mm mm mm mm mm mm
mm the m m impact on net income and shareholders’ equity if it converts from ASPE to IFRS
mm mm mm mm mm mm mm mm mm mm mm mm mm
mm for impaired loans, interest costs, actuarial gains, compound financial instrument and
mm mm mm mm mm mm mm mm mm mm
mm income taxes. mm
Problem 1-4 (50 min.) mm mm
While taking the role of a financial analyst, the student uses vertical and horizontal
mm mm mm mm mm mm mm mm mm mm mm mm mm
mm analysis and ratios to analyse and interpret the profitability, solvency and liquidity of a
mm mm mm mm mm mm mm mm mm mm mm mm mm
mm private company. mm
Problem 1-5 (25 min.) mm mm
A private company plans to convert to IFRS. It wants to know the impact on three key
mm mm mm mm mm mm mm mm mm mm mm mm mm mm mm mm
mm ratios if it converts from ASPE to IFRS for impaired loans, capitalization of interest and
mm mm mm mm mm mm mm mm mm mm mm mm mm mm
mm actuarial gains/losses. mm
Problem 1-6 (50 min.) mm mm
A private company plans to convert from ASPE to IFRS and wants to know the impact
mm mm mm mm mm mm mm mm mm mm mm mm mm mm mm
mm on three key ratios if it converts from ASPE to IFRS for impairment losses, convertible
mm mm mm mm mm mm mm mm mm mm mm mm mm mm
mm bonds and income taxes.
mm mm mm
Copyright 2019 McGraw-Hill Education. All rights
mm mm mm mm mm mm
reserved. 4
mm mm Modern Advanced Accounting in Canada, Ninth
mm mm mm mm mm
Edition
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