A third financial instrument was a forward contract. The company agreed to buy $5.5 million in U.S. currency for $5,775,000 (U.S. $1 = Canadian $1.05). On December 14, 2020 the new value was U.S. $ = Canadian $ 1.07. Determine how to account for these under ASPE and IFRS.

Answer rating: 100% (QA)

ANS WER The forward contract should be reflected on the balance sheet as a deri... View the full answer