McCain Foods Limited is a large multinational private company with $6 billion in sales. It produces both

Question:

McCain Foods Limited is a large multinational private company with $6 billion in sales. It produces both frozen and non-frozen food products and makes one-third of the frozen French fries produced worldwide. It has manufacturing operations in 18 countries, sales operations in over 100 countries, and employs more than 20,000 people. Most private companies in Canada have chosen to follow ASPE; however, some private companies like McCain have chosen to follow IFRS. "We believe that we are exactly the type of company for whom IFRS was developed," McCain told the IASB in a letter of comment responding to the IASB's preliminary views on financial statement presentation.
Instructions
(a) Other than the owners of McCain, who might be the users of McCain's McCain has numerous subsidiaries located throughout the globe. How would this type of multinational structure motivate McCain to follow IFRS?
(c) What are the benefits to the users of its of McCain reporting under IFRS?
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...