Modern Advanced Accounting in Canada 8th Edition Solution Manual

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Solutions Manual,Chapter 11Chapter 1Conceptual & Case AnalysisFrameworks for Financial Reporting

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2Modern Advanced Accounting in Canada, EighthEditionA brief description of the major points covered in each case and problem.CASESCase 1-1In this case, students are introduced to thedifference in accounting for R&D costs betweenIFRS andASPEand asked to provide arguments to support the different standards.Case 1-2(adapted from a case prepared by Peter Secord, Saint Mary’s University)In this real life case, students are asked to discuss the merits of historical costs vs. replacementcosts.Actual note disclosure from a company’s financial statements is provided as backgroundmaterial.Case 1-3(adapted from a case prepared by Peter Secord, Saint Mary’s University)A Canadian company has just acquired a non-controlling interest in a U.S. public company. Itmust decide whether to useIFRSor U.S. GAAP for the U.S. subsidiary. Financial statementinformation is provided underIFRSand U.S. GAAP. The reasons for some of the differences innumbers must be explained and an opinion provided as to which method best reflects economicreality.Case 1-4This case is adapted from aCPA Canadacase.A private company is planning to go public.Analysis and recommendations are required for accounting issues related to purchase andinstallation of new information system, revenue recognition, convertible debentures and doubtfulaccounts receivable.Case 1-5This case is adapted from a CPA Canada case.A private company is planning to transitionfrom ASPE toIFRS. Analysis and recommendations are required for accounting issues relatedto convertible debentures, extraordinary item, revenue recognition, contingency and impairment.PROBLEMSProblem 1-1(40 min.)

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Solutions Manual,Chapter 13A single asset is acquired, and students are asked to prepare and compare financial statementnumbers during the life of the asset using both a historical cost and a current value model.Problem 1-2(40 min.)Details of a European company that reports usingIFRSare given along with specific detailsrelating to certain account balances.Students are asked to show how these balances shouldbe reported under 1)ASPEand 2)IFRSusing the facts provided.Students are also asked toreconcile Net Income and Shareholders` Equity fromIFRStoASPE.Problem 1-3(50 min.)A private company plans to convert toIFRSgo public within 5 years. It wants to know theimpact on net income and shareholders’ equity if it converts from ASPE toIFRSfor impairedloans, interest costs, actuarial gains, compound financial instrument and income taxes.Problem 1-4(40 min.)A private company plans to convert to IFRS and wants to know the impact on the debt-to-equityratio and return on total shareholder’s equity. The major issues pertain to impairment ofintangible assets, revaluation of PP&E, R&D costs and redeemable preferred shares.Problem 1-5(25min.)A private company plans to convert toIFRS. It wants to know the impact onthree key ratiosif itconvertsfromASPEtoIFRSforimpairedloans,capitalizationofinterestandactuarialgains/losses.Problem 1-6(50 min.)A private company plans to convertfrom ASPEtoIFRSand wants to know the impact onthreekey ratios if it converts from ASPE toIFRSforimpairment losses, convertible bonds and incometaxes.SOLUTIONS TO REVIEW QUESTIONS1.There are times whenexternalusers may want financial reports that do not follow GAAP.For example, users may need financial statements using non-GAAP accounting policies

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4Modern Advanced Accounting in Canada, EighthEditionrequired for legislative or regulatory purposes, or for contract compliance. A prospectivelender may want to receive a balance sheet with assets reported at fair value rather thanhistorical cost. Accountants have the skills and abilities to provide financial information in avariety of formats or using a variety of accounting policies. When the financial statementsuse non-GAAP accounting policies, the accounting policies must be disclosed in the notestothefinancialstatements.Theaccountant’sreportwouldmakereferencetotheseaccounting policies.2.The three main areas wherejudgment needs to be applied are as follows:-Choosing accounting policies that are appropriate for the company’s situation-Making estimates to accurately reflect the company’s financial position and results ofoperations-Deciding what to disclose and how to disclose it in the notes to the financial statements.3.The GAAP-based financial statements are prepared primarily for the benefit of externalusers. The financial statements provide a summary of the financial position and results ofoperations for the company. Management has access to the detailed information availablewithin the company. Therefore, the formal financial statements should give priority to theneeds of the external users.4.The main reason the Accounting Standards Board decided to create a separate section oftheCPACanadaHandbookforprivateenterpriseswastoaddressthecost/benefitdiscrepancy with respect to smaller private companies’ ability to comply with GAAP.GAAPhas become increasingly complex and for smaller private enterprises this often means thatthecostofcomplyingwithsuchrequirementsoutweighsthebenefitreceivedfromcompliance.In2002,theAcSBadopteddifferentialreporting,whichallowedprivateenterprises choices with the respect to certain complex accounting standards (e.g. theoption to use the cost method for investments that would otherwise require the equitymethod). In 2009, the AcSB decided to create a self-contained set of standards for privateenterprises. These standards were effective for fiscal periods beginning on or after January1, 2011.5.There are a few reasons why a private company would want to comply withIFRSeventhough it is not required to do so. It may have plans to become publicly listed at some pointin the future and will then be required to comply withIFRS. In this case it would make senseto prepare IFRS compliant statements in anticipation of the public transaction since thecompany would have to provide multiple years of comparative financial statements thatcomply with IFRS.A private company may have users of their financial statements that findIFRS statements more useful for their purposes (e.g. creditors, customers, partners, and

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Solutions Manual,Chapter 15other stakeholders that may receive the company’s financial statements).Given the globaleconomy and the increased number of countries that have converted to IFRS, this is morelikely than it once might have been.6.The followingfinancial statement items could have different account balancesunder ASPEas compared toIFRS: impaired loans,property, plant, & equipment, development costs,post-employment benefits, income taxes, compound financial instruments, preferred sharesand convertible bonds7.For the item listed in Exhibit 1.1, all items except for disclosure would likely change when acompany switched from ASPE toIFRS.8.The return on assets or return on equity is typically used to assess profitability. The currentratio is typically used to assess liquidity. The debt-to-equity ratio is typically used to assesssolvency.9.If XZY Co. had capitalized rather than expenses the development costs in Year 1, thecompany’s key ratios would change as follows:-the current ratio would increase if the development costs were classified as a currentasset because current assets would increase and current liabilities would remain thesame; the current ratio would not change if the development costs were classified as anon-current asset because both current assets and current liabilities would remain thesame;-the debt-to-equity ratio would decrease because debt would remain the same and equitywould increase-the return on equity change would increase because net income and equity wouldincrease by the same dollar amount but net income would be a higher percentage ofequity after the change10.The six steps of the case framework are as follows:-Determine Your Role and Requirements-Identify Users & Their Needs-Identify & Rank Issues-Identify Viable Alternatives for Each Major Issue-Analyze Alternatives Using Criteria for Resolving-Communicate Practical Recommendations/Conclusions11.Thereport recipientis the direct recipient of your report or memo e.g. the partner who askedyou to prepare the memo. Theprimaryusers are the users who will be affected by theactions taken as a result of your recommendations e.g. bankers and shareholders who will

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6Modern Advanced Accounting in Canada, EighthEditionreceive the financial statements. Theprimaryusers should be given priority in financialreporting because they are primary recipients of the financial statements; they are directlyaffected by the financial statements. If they did not want to receive the financial statements,we would not be preparing them and would not have to write a memo to the partner withrespect to the financial statements.12.The biggest factor to be used when ranking the importance of issues to be resolved is themateriality of the item. If one problem involves a $10,000 item and another problem involvesa $10 million item, then the $10 million item likely is the most important item. After that,issues are typically ranked in the following order of priority:-controversial or highly contentious items-items with errors-complex items13.The final case report should contain your recommendations along with the analysis andarguments supporting your recommendations. It does not need to discuss the alternativesforeachissueunlesstheissuewasverycontentious.Ifintheanalysisstage,youdetermined that there was clearly a right answer for a problem, then your report wouldprovide only the recommendation with the supporting arguments. If two or more alternativeswere nearly equal in benefits, then your final report could present the arguments for bothalternatives along with your recommendation as to the best option in this contentioussituation.SOLUTIONS TO CASESCase 1-1Students may assume thatIFRSis superior and that all reporting issues can (or should) beresolved by followingIFRS.However, the reporting of research and development costs is agood example of a requirement where many different approaches can be justifiedwhen oneconsiders the cost and benefits involved.IFRSrequirescapitalization of development costs when certain criteria are met.ASPE allows apolicy choice between expensing all development costs without assessing whether they willprovide future benefits or capitalizing those developments costs that are expected to providefuture benefits.

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Solutions Manual,Chapter 17The issue is not whether costs that will have future benefits should be capitalized.Mostaccountantsaroundtheworldwouldrecommendcapitalizingacostthatleadstofuturerevenues that are in excess of that cost. The real issue is whether criteria can be developed foridentifying projects that will lead to the recovery of those costs.One could argue that it istoosubjectiveto determine whether future benefits will be realizedandthe assessment could beopen to manipulation.History has shown that the amount of research and development costscapitalized tended to vary as a company experienced good years and bad.Conversely, underIFRS, development costs must be recognized as an intangible asset when an enterprise canshow that the six criteria mentioned in the question can be met.How easy is it for an accountant to determine whether the development project will result in anintangible asset, such as a patent, that will generate future economic benefits?Do the benefits ofmaking a determination of future benefitsoutweigh the cost ofmaking thisdetermination?No definitive answer exists for that question.Therefore, the option to simplyexpense all development costsunder ASPE may be a good approach especially when there islots of judgment involved in determining whether there will be future benefits.Case 1-2(a)Can any alternative to historical cost provide for fair presentation in financialreports or are the risks too great? Discuss.When we refer to “present fairly” in the preparation of financial statements, we generally qualifythe statement (as the auditors here have): “in accordance with generally accepted accountingprinciples.” That is, fair presentation has a contextual, rather than an absolute, meaning. Inorder for any presentation to be fair to the user, the basis of presentation must be known andunderstood, but does not necessarily have to follow any one particular model.Financial statements may be considered to“present fairly”whether prepared in accordance withthe historical cost convention, replacement cost, general price level adjusted model, ornetrealized value. The important issue is that the model employed is known, understood, andconsistently followed.

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8Modern Advanced Accounting in Canada, EighthEditionArguably,fairvalue accounting is the model most likely to provide fair presentation, especiallywhere asset values are volatile, as historical costs become rapidly out of date. For many long-established companies, historical costs for some assets are significantly out of date and of novalue in support of managerial decisions. In managerial accounting, we have long recognizedthat the relevant costs are the current costs. In some European countries, an approach tofinancial reporting has developed that adopts more of a managerial approach and seeks toprovide the most relevant information for decision-making. As a result, many companies followalternatives to historical cost, generallyfair values, in the financial statements.There are risks, however, that arise from the adoption of alternatives to historical cost. Some ofthese are the same risks that arise from the historical cost model in that the recorded amountmay soon be out of date. Prices may go up or down, and even “fair values” of prior periods maydisplay no relationship tofair valuesat the present date. Cost is always cost in a particularcontext and a cost determined for a particular context or decision may not be valid for a differentcontext or decision and the user should be aware of this.The question of objective determination also arises. The reported values infair value basedfinancial statements are not directly supportable by arms’ length transactions. This introducesthe risk of an important (and potentially deliberate) misstatement. This is the principal riskarising fromfairvalue accounting, and leads many countries to have highly detailed rules for thepreparation, audit, and publication of financial statement asset values underfair values.(b)Discuss the relative merits of historical cost accounting andfair valueaccounting.Consider the question of the achievement of a balance between relevance andreliabilitywhen trying to “present fairly” the financial position of the reporting entity.Students will provide a wide range of responses to this question; at this stage (unless they havebeen provided with supplementary material or have background from other courses) responseswill just scratch the surface. The following note may be helpful:Historical cost accounting has the advantage that it is verifiable, and therefore tends to be morereliable and free from bias thanfairvalueaccounting. Historical cost amounts are based onobjective information and are more likely to have the “paper trail” of an actual transaction thatprovides support. Historical costs, however, are sunk costs and have limited value in support of

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Solutions Manual,Chapter 19decisions. They are particularly deficient if a long time has passed since the transactionoccurred, or if there have been significant technical developments. These are serious difficultieswhich the accounting profession has tried to address through a variety of different mechanisms,but no other method has become universally acceptable as an answer to the problem and sohistorical cost accounting persists, largely because of inertia, and because no better model hasemerged.Fair valueaccounting has the advantage of enhanced relevance because the values includedhave been determined at the current time, rather than at some uncertain past date. Theseamounts may therefore be better for investment decisions than historical costs. However,fairvaluesmay bepotentially deficient in that they might not be objectively determined and lackreliability. At the worst, they could contain bias to support a particular management policy ordecision. In other cases, they could be guesses or otherwise based on invalid information. Also,the use offair valuein financial statements in no manner makes the financial statements more“accurate,” although (if the amounts are carefully and objectively determined) there may beadvantages in the fairness of presentation and therefore the relevance of financial statementamounts.With respect to income measurement, in a period of inflation, historical cost accounting willresult in an overstatement of income. Income is overstated, as a portion of the reported profitsmust be reinvested in the business to maintain the productive capacity and not all profits areavailable for distribution. If all profits are distributed, the business will not have the capacity toreplace the items that have been consumed in the process of earning income.Fair valueaccountingwill alleviate this problem by charging to expense thefair valueof all itemsconsumed. Withfair valuecharged to expense, the income remaining is a true income,potentially available for distribution without impairment of the productive capacity of theenterprise.A further important point is that both the preparer and the user of financial statements shouldunderstand the basis of preparation of the statements, and the strengths and weaknesses of theapproach employed.(c)Financial statements are now beyond the comprehension of the average person. Many ofthe accounting terms and methods of accounting used are simply too complex tounderstand just from reading the financial statements. Additional explanations should be

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10Modern Advanced Accounting in Canada, EighthEditionprovided with, or in, the financial statements, to help investors understand the financialstatements. Discuss.It is true that financial statements are complicated by accounting methods, such as the methodof accounting for deferred income taxes, foreign currency translation, and so on. However,some of these complexities cannot be avoided. The business environment and businesstransactions are themselves more complex. Since the financial statements try to reflect thesebusiness events, it is inevitable that the financial statements will be more complex. Thus, it isnot accounting methods per se that make financial statements difficult to understand.Financial statements are not directed at the average person, so they cannot be criticized on thegrounds that they are beyond the comprehension of the “average person”. Instead, they areintended for users with a reasonable understanding of financial statements. The question thenbecomes should additional explanations be provided for users who have a reasonableunderstanding of the financial statements? The answer depends on what type of informationthe “explanations” will contain.Additional explanations might be of three types:-They could provide more detail on information that is already contained in financialstatements. For example, certain dollar amounts reported in the financial statements might bebroken down into more detail, or the significance of certain amounts might be discussed;-They could make information that is currently in the financial statements easier tounderstand by explaining technical accounting terms and concepts used in the statements; or-They could provide entirely new information not included in financial statements thatmight help users better understand the significance of the information that appears in thefinancial statements.In all three cases, the information provided might concern the future or the past. It is importantto note that for publicly accountable enterprises, there is already a considerable amount ofsupplemental information provided in a company’s MD&A. This document providessupplementary discussion of financial results and in many cases explanations of accountingtreatments used in a company’s financial statements for the period. Further, it is important tonote that at some point additional information may “overload” the user. Too much information

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Solutions Manual,Chapter 111may achieve the undesired result of making financial statements more difficult to understand.This must be taken into account when considering supplemental information and explanations.CASE 1-3Case NoteAjax Communications presents the classic case of the conflict among the accounting standardsthat are in force in different jurisdictions. Each set of requirements can be seen to be correct,although dramatically different amounts may be presented on a variety of dimensions.Certainly, the standard-setters (and, generally, the accounting practitioners) of each jurisdictionbelieve that the requirements in place locally are the best requirements available, in that theypresent results that are consistent with the prevailing views on a fair presentation of bothfinancial performance and financial position. Although the conceptual frameworks are verysimilar underIFRSand U.S. GAAP, the actual requirements in place are quite different in someareas, and there is no guidance in choosing the right set of accounting standards to basedecisions upon. Harmonization efforts are ongoing to resolve these differences, yet regardlessof the changes in accounting standards, there will remain differences in interpretation of therequirements and differences in the practices that are in place.Responses to specific questions:(a)As John McCurdy, outline the initial approach that you will take in order to determine thereasons for the difference in the numbers.Items throughout the income statementdiffer between the two sets of financial statements, asdo all the aspects of the balance sheet presented. Although it is not unusual to have somedifferences between U.S. GAAP andIFRS, the magnitude of the differences would not usuallybe of the size in the Waqaas case. As a start, McCurdy may be able to determine where someof the difference arises by examining the summary of significant accounting policies includedwith the financial statements. This source will not identify all of the accounting policies in place.More detailed knowledge of the accounting policies in place could come from the specific notesto the financial statements. In addition,he should search for publications or web sites thatdiscuss differences in accounting policies among countries. A website provided by Deloitte(www.iasplus.com) could also provide useful information.

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12Modern Advanced Accounting in Canada, EighthEdition(b)List some of the obvious items that need resolution and indicate some of the possiblecauses of the discrepancies.•Why are operating income and income before extraordinary items higher underIFRSforthe same period?•What is the nature of the extraordinary item, classified as such in the United States, andhow is it reported underIFRS?•What is the nature of the accounting policy differences that haveledto such dramaticdifferences in asset valuation between the two sets of financial statements? (Twopossible reasons: (1) consolidation of some investments underIFRSthat would not beconsolidated in the U.S. financial statements; this might explain the differences in theinvestments account, and arises because there are different requirements for thedetermination of when an investment is classified as a subsidiary and consolidated; and(2) the use of LIFO in the U.S. and FIFO underIFRSmight produce different results ifthere have been major changes in inventory costs during the year.)•Given the higher asset values underIFRS, the company may be using the revaluationoption under IFRS.•What items, if any, have been deferred and are being amortized underIFRSthat aredirectly expensed in the U.S. statements? (R&D comes to mind) Does this account forthe difference in intangibles?•A variety of other specific points could be raised, including, for example, policiesassociated with tax allocation.(c) In your opinion, which GAAP best reflects economic reality? Briefly explain.Without knowing what has caused the difference, it is hard to determine which GAAP bestreflects economic reality. Although the differences represent a dilemma to the Board ofDirectors in this case, neither set of financial statements may be said to be unequivocallysuperior to the other for the purpose of making investment decisions. This is the generaldilemma of international comparisons, and a principal reason why accounting harmonization isso important.CASE 1-4MemorandumTo:Partner

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Solutions Manual,Chapter 113From:CPARe:Roman Systems Inc.Financial ReportingIssuesRoman Systems Inc. (RSI)has been usingIFRSover the past few years presumably because itplans to go public within the next year.RSI’s bias is to maximize revenue, net income andshareholder’s equity in order to attract potential investors.The major financial reporting issues arising fromour interim work are:I.Accounting for the costs of the new accounting systemII.Revenue recognitiona.Maintenance and contract revenueb.Product revenuec.ABM revenueIII.Convertible debenturesIV.Receivable from Mountain BankAccounting for new accounting system costsDuring fiscal Year 12, RSI implemented a new general ledger package. The new package hasbeen functioning in parallel with the old system since April 1, Year 12, and will no longer beused in parallel effective July 1, Year 12. The new package has been used to generate RSI’sfinancial results since April.RSI has incurred $720,000 in third-party costs associated with the new general ledger package,together with $70,000 of internal salary costs. These costs have all been capitalized in Year 12.IAS 38 offers guidance as to the costs that may be capitalized when internally developingintangible assets. In particular:The cost of an internally generated intangible asset comprises all directly attributable costsnecessary to create, produce, and prepare the asset to be capable of operating in the mannerintended by management. Examples of directly attributable costs are:(a) costs of materials and services used or consumed in generating the intangible asset; and

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14Modern Advanced Accounting in Canada, EighthEdition(b) costs of employee benefits (asdefined in IAS 19) arising from the generation of theintangible asset;The following are not components of the cost of an internally generated intangible asset:(a) selling, administrative and other general overhead expenditure unless this expenditure canbe directly attributed to preparing the asset for use;(b) identified inefficiencies and initial operating losses incurred before the asset achievesplanned performance; and(c) expenditures on training staff to operate the asset.Based on the above:-Costs of $110,000 related to initial review and recommendations would be consideredbusiness process re-engineering activities and not directly related to the creation of thenew system. These costs should be expensed.-Costs of $320,000 for new software and implementation costs represent a betterment,as they extend the life of the accounting system and enhance the service capacity.They should be capitalized.-Training costs of $225,000 should be expensed, as the costs are not directly attributableto the development, betterment, or acquisition of the software.-The monthly support fee of $25,000 (and all future monthly fees) is an operational costof the system and should be expensed.-The other consulting fees of $40,000 should be reviewed in more detail, but they appearto be part of the ongoing costs of the new system with no specific value added, andshould likely be expensed.-The salaries of $70,000 could be capitalized if they are directly attributable to theimplementation of the new software package. Since only two additional individualswere hired to handle the work previously done by the four employees, it is questionablewhether the four employees were 100% dedicated to the task of implementing the newsoftware. Only the costs related to the implementation should be capitalized.Effective July 1, RSI should start amortizing the new system and effective June 30, Year 12, itshould write off the remaining carrying amount of the old system.

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Solutions Manual,Chapter 115Revenue RecognitionProduct RevenueProduct revenue is recognized at the time of delivery and installation. Customer acceptance isevidenced by customer sign-off once installation is complete. It is RSI’s standard practice toobtain such evidence of acceptance. It would therefore be inappropriate to recognize revenuewithout such evidence of customer acceptance.In performing the interim work, we determined that revenue of $640,000 was recorded prior toobtaining customer sign-off. This has not been an issue in the past and may be an isolatedcase related to new employees who may be unfamiliar with RSI’s standard procedures. Weneed to ensure that Marge communicated the policy to all staff members and ensure thatcustomer sign-off is obtained for all installations prior to year-end. Since it is early June, Margewould have a month to ensure that there are no issues at year-end.Maintenance contractsDuring the year, the company changed its revenue recognition policy on maintenance contracts.Assuming that the company previously recognized maintenance revenue on a straight-line basisover the course of the contract, the new method will recognize a greater proportion of therevenue earlier in the contract life. This new method recognizes 25% of the revenue in each ofthe first two months and may not be appropriate. Maintenance services must be provided overthe full life of the contract. The preventive maintenance is entirely at the discretion of thecompany. It may not be continued in the future and may not consistently reduce future servicecalls. As well, the study serving as a basis for the policy is two years old, and may no longer bean accurate reflection of the pattern of maintenance calls. Revenue recognition for servicecontracts should be based on the service obligation over the term of the contract.ABM businessRSI began selling ABMs in fiscal Year 12. The machines are purchased from an electronicmanufacturer and resold at margins of 5%.It is important to consider whether RSI is recordingrevenue on a gross or net basis.

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