In its 2017 financial statements (Note 3), Air Canada has disclosed its critical estimates and judgements used
Question:
In its 2017 financial statements (Note 3), Air Canada has disclosed its critical estimates and judgements used in preparing the financial statements.
Instructions
Access the 2017 audited annual financial statements for Air Canada for the year ended December 31, 2017, 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.
c. How significant are the related financial statement elements?
Financial StatementsFinancial 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...
Step by Step Answer:
The following information is from a review of Note 3 of Air Canadas financial statements for the year ended December 31 2017 a The main accounting est...View the full answer
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
