Access the annual report for Canadian Tire Corporation, Limited for the year ended December 31, 2011, from

Question:

Access the annual report for Canadian Tire Corporation, Limited for the year ended December 31, 2011, from SEDAR (www.sedar.com).
Instructions
(a) Reviewing the consolidated statement of changes in shareholders' equity, discuss whether Canadian Tire reported any accounting changes in the years presented. Which accounts were impacted and by how much?
(b) Identify and explain each accounting change that the company implemented in 2011. How was each accounting change applied? If the change was due to an amendment of the standards, provide the details of the effective date of the changes. Classify each change as being one of the following:
1. A change in accounting policy mandated by a change in a primary source of
2. A voluntary change in accounting policy
3. A change in estimate For each change reported above, explain whether the change was retrospectively or prospectively applied. What was the impact of each change on the of Canadian Tire in each year presented?
(c) The company also provides details for future accounting changes. Describe the note disclosure provided for these.
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... GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...