ACTG 2011 Case Project

ACTG 2011 Case Project - 14 11 Property,and IFRSand(...

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By: Maxwell Serebryanny, Raymond Hua, Dennis Hau, Daniel Steinertas, Audrey Loi, and Kitty Lam Professor Simeoni of Enbridge’s Accounting Policies and External En Enbridge Inc. ACTG 2011 – Section B Analysis of Enbridge and the Oil and Gas Services Industry Table of Contents 1 Analysis of Enbridge and the Oil and Gas Services Industry Executive Summary nalysis of Enbridge and the Oil and Gas Services Industry 2 Industry and Business Strategy alysis of Enbridge and the Oil and Gas Services Industry 3 Accounting Policies Policy # 1 : Contingencies (see Appendix A.1 for relevant financial statement extracts) y sis of Enbridge and the Oil and Gas Services Industry 4 y # 2 : Inventory Valuation (see Appendix A.2 for relevant financial statement extracts) s is of Enbridge and the Oil and Gas Services Industry 5 Property, Plant, and Equipment (see Appendix A.3 for relevant financial statement extracts) of Enbridge and the Oil and Gas Services Industry 6 of Enbridge and the Oil and Gas Services Industry 7 IFRS Conversion Process Enbridge and the Oil and Gas Services Industry 8 Performance and Financial Analysis nbridge and the Oil and Gas Services Industry 9 nbridge and the Oil and Gas Services Industry 10 Works Cited Page bridge and the Oil and Gas Services Industry 11 Appendix 12 dge and the Oil and Gas Services Industry e and the Oil and Gas Services Industry 13 and the Oil and Gas Services Industry 14 15 d the Oil and Gas Services Industry Works Cited Page Appendix
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With a societal shift towards going “green” and extremely volatile commodity prices on the world market, the oil and gas services industry faces a unique challenge in our contemporary economy. This industry has the tough task of simultaneously managing market and environmental risk while pursuing sustainable initiatives that will allow it to be viable and successful in the future. Enbridge Inc. is currently pursuing the aforementioned objectives, putting this very large oil and gas transportation corporation on a successful, future-oriented path. Further augmenting its long-term viability is its record revenues, profits, and dividend payments, cementing this corporation as a dominant player in its industry. Although some of Enbridge’s liquidity ratios are below the industry average, it makes up for these deficiencies in other areas such as returns on assets and equity, and dividend yields. Equally as important as its external environment is Enbridge’s accounting environment which is constantly changing and evolving. Most notably is the transition from Canadian GAAP to IFRS which must be completed by January 1, 2011. To successfully convert to this accounting standard, Enbridge has established a four stage process involving 1) diagnosis, 2) project planning, 3) policy design, and 4) implementation. Enbridge is currently working on steps 2 and 3 and will devote 2010 to the fourth and final stage of this process. Many of Enbridge’s accounting policies will naturally be impacted by IFRS. For instance, under GAAP, Enbridge
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This note was uploaded on 04/11/2010 for the course ACTG ACTG 2010 taught by Professor Simeoni during the Spring '10 term at York University.

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ACTG 2011 Case Project - 14 11 Property,and IFRSand(...

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