In its 2011 financial statements (Note 4), Air Canada has disclosed its critical estimates and judgments used in preparation of the financial statements.
Access the 2011 annual report for Air Canada for the year ended December 31,2011, from the company's website or SEDAR (www.sedar.com). Read Note 4 and related notes and answer the following questions.
(a) "What are the main critical accounting estimates and judgments that the company discloses? Briefly outline.
(b) "Why is it important that the company disclose these types of things? Consider this question from a user perspective.
(c) How significant are the related financial statement elements?