Access the annual financial statements of Empire Company Limited for its year ended May 6, 2017, at www.sedar.com or the company's website. 

Instructions

Review Empire Company Limited's consolidated financial statements and provide answers to the following questions. 

a. What key business(es) does the company operate in? 

b. Review the accounting policy note related to Empire's customer loyalty programs. Describe the company's customer loyalty programs and explain how they are accounted for. 

c. What is the total amount of “provisions” reported by Empire on its statement of financial position at May 6, 2017? Identify Empire's accounting policies for provisions and what these provisions relate to. Explain why these are considered provisions. 

d. One of the reasons provided for the change in the balance of the provisions account over the fiscal year is “change due to discounting.” Briefly explain this change.