Intermediate Accounting Volume 2 – 8th Canadian Edition by Thomas H. Beechy & Joan E. Conrod – Complete Solution Manual (Chapters 12–22)

Solution Manual for Intermediate Accounting (Volume 2),
8th Canadian Edition By Thomas H. Beechy, Joan E. Conrod /
Verified All Chapters (12 - 22)Complete

,Solution Manual for
Intermediate Accounting Volume 2 8th Edition Thomas H. Beechy, Joan E.
Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel
Chapter 12-22

Chapter 12: Financial Liabilities and Provisions

Case 12-1 Winter Fun Incorporated
12-2 Prescriptions Depot Limited
12-3 Camani Corporation
Suggested Time
Technical Review
TR12-1 Financial liabilities and provisions (IFRS) ............10
TR12-2 Financial liabilities and provisions (ASPE) ...........10
TR12-3 Provision, measurement................................... 10
TR12-4 Guarantee ......................................................... 10
TR12-5 Provision, warranty .......................................... 5
TR12-6 Foreign currency .............................................. 5
TR12-7 Note payable .................................................... 5
TR12-8 Discounting, note payable................................ 10
TR12-9 Discounting, provision..................................... 10
TR12-10 Classification, liabilities................................... 10

Assignment A12-1 Financial versus non-financial liabilities……. 10
A12-2 Common financial liabilities………………… 10
A12-3 Common financial liabilities............................ 10
A12-4 Common financial liabilities: taxes ................. 20
A12-5 Common financial liabilities: taxes ................ 20
A12-6 Foreign currency payables……………………. 10
A12-7 Foreign currency payables ............................... 10
A12-8 Common financial liabilities and foreign 25
currency
A12-9 Provisions......................................................... 20
A12-10 Provisions ........................................................ 20
A12-11 Provisions......................................................... 20
A12-12 Provision measurement.................................... 15
A12-13 Provision measurement.................................... 15
A12-14 Provisions; compensated absences…………... 15
A12-15 Provisions; compensated absences .................. 15
A12-16 Provisions; warranty ........................................ 15
A12-17 Provisions; warranty ....................................... 20
A12-18 Provisions; warranty ....................................... 25
A12-19 Discounting; no-interest note........................... 15

Solutions Manual to accompany Intermediate Accounting, Volume 2, 8th edition 14-2

, A12-20 Discounting; low-interest note ........................ 20
A12-21 Discounting; low-interest note......................... 20
A12-22 Discounting; provision..................................... 15
A12-23 Discounting; provision..................................... 25
A12-24 Discounting; provision..................................... 25
A12-25 Classification and SCF..................................... 20
A12-26 SCF .................................................................. 20
A12-27 Liabilities – IFRS and ASPE .......................... 10
A12-28 Liabilities - ASPE ........................................... 20
A12-29 Liabilities - ASPE ............................................ 20
A12-30 Provisions/Contingencies – IFRS and ASPE…. 20
A12-31 DAIS – warranty provision trend……………... 15
A12-32 DAIS – provision for coupon refund………… 15




Cases

Case 12-1 (LO12.3, LO12.5, LO12.6)
Winter Fun Incorporated

To: Members of Board of Directors
From: Accounting Consultant
RE: Winter Fun Incorporated

Overview

Winter Fun Incorporated (WFI) uses IFRS for financial reporting. The bank loan has
a minimum current ratio so you will need to be careful and watch for any impacts on
the ratio. You have had a tough year this year and faced a loss so the bank financing
is critical to your operations.

Issues

1. Revenue recognition memberships
2. Revenue recognition guests
3. Special promotions
4. Coupons
5. Manufacturer Loan
6. Lawsuit
7. Warranty
8. Gasoline storage tanks
9. Foreign currency payables
10. Compensated absences

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Solutions Manual to accompany Intermediate Accounting, Volume 2, 8th edition 14-4