Access the 2011 year-end financial statements and accompanying notes of Loblaw Companies Limited from SEDAR (www.sedar.com). Instructions
Question:
Instructions
Review the notes to the financial statements, in particular Note 31 detailing the transition to IFRS.
Indicate and explain the following:
(a) On what date did the company adopt IFRS?
(b) Discuss some of the larger changes to total equity caused by the transition from pre-changeover GAAP to IFRS.
(c) What was the total impact from the transition on the total equity of the company? How would this change affect key financial ratios of the company? Recalculate these key ratios and discuss the potential impact.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the... Financial Ratios
The term is enough to curl one's hair, conjuring up those complex problems we encountered in high school math that left many of us babbling and frustrated. But when it comes to investing, that need not be the case. In fact, there are ratios that,...
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Step by Step Answer:
a Note 31 of the financial statements outlines the companys adoption of IFRS The company has applied IFRS retrospectively from January 3 2010 except f...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-1118300855
10th Canadian Edition Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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