Question

First Capital Realty, a Canadian company, reported under Canadian GAAP in 2010 and under
IFRS in 2011.
Instructions
Access the financial statements for First Capital Realty for the years ended December 31, 2010, and December 31, 2011, from the company's website, www.firstcapitalrealty.ca. Review the statements that are presented and answer the following questions.
(a) What business is First Capital Realty in?
(b) Identify the single most significant accounting difference between the 2010 results under Canadian GAAP and the 2011 results under IFRS, and indicate the effect that this has on the income statements. Be specific. 'What is the impact of these differences on the income statement? On the balance sheet?
(c) 'Which set of financial statements do you think comes closer to meeting the objectives of financial reporting? Discuss briefly.
(d) Using the IFRS-prepared financial statements, explain how the company determined fair values for the investment properties. 'What methods were used and what were the key assumptions required?


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  • CreatedSeptember 18, 2015
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