Information reported in the Enbridge, Inc., 2008 annual reports follows: ENBRIDGE, INC. Corporate Head Office 3000 Fifth

Question:

Information reported in the Enbridge, Inc., 2008 annual reports follows:
ENBRIDGE, INC.
Corporate Head Office
3000 Fifth Avenue Place
Calgary, Alberta, Canada T2P3L8
Enbridge is traded on the New York Stock Exchange in the United States under the symbol ‘‘ENB.’’

Required
a. Were Canadian or U.S. dollars used for the financial statements? Will this be likely to continue under IFRS?
b. What guided the company’s internal control? Will this likely continue under IFRS?
c. What auditing standards were used for the consolidated financial statements? Will this likely continue under IFRS?
d. Significant differences were described between Canadian and U.S. . Will this type of disclosure likely continue under IFRS?

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...