Access the annual financial statements of Empire Company Limited for its year ended May 2, 2015 at www.sedar.com or the company's website.

Instructions

Review Empire Company Limited's consolidated financial
statements and provide answers to the following questions.
(a) What key business(es) does the company operate in?
(b) Review the accounting policy note related to Empire's customer loyalty programs. Describe the company's customer
loyalty program in effect until the fourth quarter of its
year ended May 2, 2015, and explain how it was accounted
for. Describe the company's customer loyalty program that
is now in effect. How will this new program be accounted
for?
(c) What is the total amount of "provisions" reported by
Empire on its statement of financial position at May 2,
2015? Identify Empire's accounting policies for provisions
and what these provisions relate to. Explain why these are
considered provisions.
(d) One of the reasons provided for the change in the balance
of the provisions account over the fiscal year is "change
due to discounting." Briefly explain this change.