First Capital Realty, a Canadian company, reported under Canadian GAAP in 2010 and under IFRS in 2011 Instructions Access the financial statements for First Capital Realty for the years ended December 31, 2010, and December 31, 2011, from the company 's website, www firstcapitalrealty ca Review the...

a First Capital Realty is a Canadian company involved in ownership development and operation of supermarket and drugstoreanchored neighbourhood and community shopping centers located predominantly in ...

First Capital Realty, a Canadian company, reported under Canadian GAAP in 2010 and under IFRS in 2011.

Question:

First Capital Realty, a Canadian company, reported under Canadian in 2010 and under
IFRS in 2011.
Instructions
Access the for First Capital Realty for the years ended December 31, 2010, and December 31, 2011, from the company's website, www.firstcapitalrealty.ca. Review the statements that are presented and answer the following questions.
(a) What business is First Capital Realty in?
(b) Identify the single most significant accounting difference between the 2010 results under Canadian and the 2011 results under IFRS, and indicate the effect that this has on the income statements. Be specific. 'What is the impact of these differences on the income statement? On the balance sheet?
(c) 'Which set of do you think comes closer to meeting the objectives of financial reporting? Discuss briefly.
(d) Using the IFRS-prepared explain how the company determined fair values for the investment properties. 'What methods were used and what were the key assumptions required?
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...