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seymour - BUSINESS 397-SPRING 2011 ASSIGNMENT 2 YOUR ANSWER...

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BUSINESS 397-SPRING 2011 ASSIGNMENT 2 YOUR ANSWER TO THE ASSIGNMENT SHOULD BE SUBMITTED TO THE DROPBOX AT THE SBE OFFICE THE SBE OFFICE BY 11:00 AM AUGUST 1, 2011. IN ADDITION A SOFT COPY IS TO BE SUBMITTED TO THE MyLEARNING DROP BOX. ADDITIONAL INFORMATION TO ASSIST YOU IS POSTED TO THE MyLEARNING WEBSITE AND CAN ALSO BE FOUND ON THE WEBSITE OF THE INTERNATIONAL ACCOUNTING STANDARDS BOARD (www.iasb.org) “Enough already exclaimed Seymour Crunch. We have no sooner transitioned to IFRS and now I hear there are more accounting standard changes coming.” Mr. Crunch is the CEO of The Up and Down Roller Coaster Company Limited, a publicly accountable entity. Through the continuing conversation, Seymour was particularly interested in the impact of the following standards/proposed standards: Lease Accounting Post-employment Benefits (emphasis on defined benefit pension plans) Financial Statement Presentation The December 31, 2011 draft internal financial statements (Exhibit I) have been prepared and supplementary information (Exhibit II) has also been provided. As the domain expert for your firm in IFRS, Mr. Crunch has asked you to take the accompanying information and assume the standards and revisions referred to above were to have taken effect January 1, 2011, what impact would the changes have had on the financial statements. Your report should also include any other information you consider to be relevant.
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