Commencing in 2007, foreign companies that were using IFRSs did not have to reconcile their reported profit to profit under U S GAAP Access the 2011 and 2010 annual reports for Cenovus, a Canadian oil company Answer the questions below for each of the two years Round ratios to two decimal points Fo...

a The financial statements are presented in Canadian dollars for 2010 and 2011 This is disclosed on the cover page of the financial statements and in ...

Commencing in 2007, foreign companies that were using IFRSs did not have to reconcile their reported profit

Question:

Commencing in 2007, foreign companies that were using IFRSs did not have to reconcile their reported profit to profit under U.S. . Access the 2011 and 2010 annual reports for Cenovus, a Canadian oil company. Answer the questions below for each of the two years. Round ratios to two decimal points. For each question, indicate where in the you found the answer, and/or provide a brief explanation.
(a) In what currency are the presented?
(b) from what country or jurisdiction was used in preparing the What was the percentage difference in reported net earnings under Canadian versus net earnings under U.S. ?
(d) What three items, other than income taxes, caused the biggest change in net earnings between the two different GAAPs?
(e) If a reconciliation to U.S. were not provided, how would a financial analyst deal with this situation when comparing Cenovus to another company reporting under U.S. ?
(f) What was the percentage difference in reported net earnings under Canadian versus net earnings under IFRSs?
(g) What three items, other than income taxes, caused the biggest change in net earnings between the two different GAAPs?
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...