Born to be Wiled is owned by Fraser Grant, a designer of upscale women's clothing. He started by selling his early creations to small boutiques in Toronto. Customers liked the colours and fabrics he used and enjoyed the unique styling of the garments. Demand for his clothing rose to the point where he opened his own store on a fashionable street in Montreal. As the sole owner of his business, he has used up most of his personal resources in getting his store operational. He has visited his local bank seeking additional financing so that he can hire more people to assist in the various aspects of his business. The bank wants to see his financial statements. The financial statements do not need to be audited, but the bank wants them to follow IFRS.
You are an accountant employed by a local accounting firm and Fraser Grant has been your client for several years. In the past, you have prepared his annual financial statements and completed his business tax return. He has approached you because he wants to know what IFRS are and whether you can prepare his financial statements using them.
Required
Prepare a memo to Fraser Grant addressing his concerns.