solution manual for modern advanced accounting 10e
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Modern Advanced Accounting In Canada, 10th Edition Solution Manual By Darrell Herauf, Chima Mbagwu, Verified Chapters 1 - 12, Complete Newest Version
Test Bank - Modern Advanced Accounting In Canada 9th Edition, Hilton Murray
Test Bank for Modern Advanced Accounting In Canada 9th Edition by Hilton Murray, Herauf Darrell
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Modern Advanced Accounting In Canada, 10th Ed
Modern Advanced Accounting In Canada, 10th Ed
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SOLUTION MANUAL
Modern Advanced Accounting In Canada,
10th Edition By Darrell Herauf, Chima Mbagwu,
Chapters 1 - 12, Complete
,
, 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 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.
,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.)
A private company plans to convert from
ASPE to IFRS and wants to know the
impact on three key ratios if it converts
, from ASPE to IFRS for impairment losses,
convertible bonds and income taxes.
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