In its 2017 financial statements (Note 3), Air Canada has disclosed its critical estimates and judgements used

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In its 2017 financial statements (Note 3), Air Canada has disclosed its critical estimates and judgements used in preparing the financial statements.


Instructions

Access the 2017 audited annual financial statements for Air Canada for the year ended December 31, 2017, from the company’s website or SEDAR (www.sedar.com). Read Note 3 and related notes and answer the following questions.

a. What are the main critical accounting estimates and judgements that the company discloses? Briefly outline each.

b. Why is it important that the company disclose these types of judgements? Consider this question from a user perspective.

c. How significant are the related financial statement elements?

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...
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Related Book For  book-img-for-question

Intermediate Accounting Volume 1

ISBN: 978-1119496496

12th Canadian edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

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