Question: In its 2014 financial statements (Note 3), Air Canada has disclosed its critical estimates and judgements used in preparing the financial statements. Instructions Access the

In its 2014 financial statements (Note 3), Air Canada has disclosed its critical estimates and judgements used in preparing the financial statements.

Instructions

Access the 2014 audited annual financial statements for Air Canada for the year ended December 31, 2014, from the company's website or SEDAR (www.sedar.com). Read Note 3 and related notes and answer the following questions.

(a) What are the main critical accounting estimates and judgements that the company discloses? Briefly outline each.

(b) Why is it important that the company disclose these types of judgements? Consider this question from a user perspective.

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The following information is from a review of Note 3of Air Canadas financial statements for the year ended December 31 2014 a The main accounting esti... View full answer

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