Homburg Invest Inc. and First Pro Shopping Centres are both real-estate and property management companies headquartered in Canada. However, Homburg is a public company using IFRS and First Pro is a private company using ASPE. Selected information is provided below from Homburg's statement of financial position and income statement for its most recent year:

In addition to the above, Homburg also includes a statement of comprehensive income, statement of changes in equity, and statement of cash flows in its financial statements.
Instructions
(a) Homburg is required to release quarterly financial statements to its shareholders. First Pro only releases its financial statements annually to its bankers and for the purposes of its annual tax filings. Do you think that there will be a difference in how often the two companies prepare and record their adjusting entries? Explain.
(b) Based upon what you read in this chapter, what differences would you expect to see in First Pro's financial statements?
(c) Would you anticipate that the closing process at yearend would be any different for Homburg than for First Pro?

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HOMBURG INVEST INC. Statement of Financial Position December 31, 2010 (in thousands) Assets Non-current assets Current assets Total assets $1,832,060 230,821 $2,062,881 Liabilities Non-current liabilities Current liabilities Total liabilities $1,515,869 445,336 1,961,205 Shareholders' Equity Deficit Accumulated other comprehensive income Share capital Other contributed capital Total shareholders' equity Total liabilities and shareholders' equity (649,316) 1,190 701,034 48,768 101,676 $2,062,881 HOMBURG INVEST INC. Income Statement Year Ended December 31, 2010 (in thousands) Total revenue Property operating expenses Cost of sale of properties developed for sale General and administrative and other e Profit from continuing operations Income tax expense Profit from continuing operations Discontinued operations, net of income tax Loss $148,065 25,628 21,369 xpenses efore income tax 49,520 31,197 18,323 (106,377) $ (88,054