In its 2011 financial statements (Note 4), Air Canada has disclosed its critical estimates and judgments used
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Instructions
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? Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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The following information is from a review of Note 4 of Air Canadas financial statements for the year ended December 31 2011 a The main accounting est...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
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