Examine the part of Note 41 to Canadian Tire's financial statement that describes its other commitments: a.

Question:

Examine the part of Note 41 to Canadian Tire's financial statement that describes its other commitments:
a. What is a commitment?
b. What types of commitments has Canadian Tire entered into?
c. What is the dollar amount associated with the commitments?
d. How has Canadian Tire accounted for its commitments? Why are commitments accounting for this way?
e. What is the impact on the of accounting for commitments in this way?
f. Are the disclosures about Canadian Tire's commitments important? Explain.

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...