FRS 10 affects many Canadian business enterprises that are involved with variable-interest entities (VIEs) and special purpose entities (SPEs). Retrieve the annual reports (for the year specified) of any two of the following companies:
• Tim Hortons Inc. (2012)
• Air Canada (2011)
• Empire Company Limited (2011)
Required:
Write a brief report on each company that describes
1. The extent of its involvement with VIEs and SPEs, and
2. The effect of the requirements of IFRS 10 on the reporting of its interests in VIEs and SPEs.