Access the financial statements of both BCE Inc. and TELUS Corporation for their years ended December 31,

Question:

Access the financial statements of both BCE Inc. and TELUS Corporation for their years ended December 31, 2014, from either the companies' websites or SEDAR (www.sedar.com).
Instructions
Using the financial statements for BCE Inc. and TELUS, answer the following.
(a) What types of revenue does BCE have and when are they recognized?
(b) What types of revenue does TELUS have and when are they recognized?
(c) Are there any examples of when either company would report revenue on a net basis? What factors does the company consider?
(d) Explain the types of contracts where the companies have multiple deliverables. How does each company allocate the revenues on these types of contracts?
(e) TELUS has a unique accounting policy for dealing with revenues in non-high-cost serving areas. Review the accounting policy note as well as Note 6 for details. Explain the business reason for the transaction and comment on the appropriateness of the accounting.
(f) Do you find one company's disclosure on revenue recognition better than the other's? Comment.
(g) Does either company address IFRS 15 Revenue from Contracts with Customers, issued in 2014 but with a 2017 effective date? Comment. (Note that the mandatory adoption date is now 2018).
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...
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Intermediate Accounting

ISBN: 978-1119048534

11th Canadian edition Volume 1

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy

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