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Question:
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Note: For purposes of this question, treat the relevant provisions of the CICA Handbook as identical to SFAS 115, SFAS 130, and SFAS133.
Required
a. Explain the nature of each of these three items
b. What is the purpose of other comprehensive income?
c. TD includes its statement of other comprehensive income in a statement of changes in equity What alternative treatment of other comprehensive income is also acceptable under US (SFAS 130) and Canadian (CICA Handbook, Section 1530) GAAP? Why would TD choose the changes in equity alternative to report its other comprehensive income?
d. As an investor, which earnings measure, net income or comprehensive income, is most useful to you in deciding whether to buy, held, or sell TD shares? Explain.
e. As a member of the Compensation Committee of TD's Board of Directors, which performance measure, net income or comprehensive income, is most useful to you in deciding on the amount of cash bonuses for senior officers for 2007? Explain.
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