1. Privately owned Vancouver- based Moon burst Coffee Ltd imports coffee beans from around the worlds, but mainly from South America. The company roast and packages the coffee and distributes it to several BC retail grocery stores under its own Moon burst label. Moon burst owns and operates 47 retail coffee shops in British Columbia, the company is in negotiations with large Canada-wide supermarkets chain to supply coffee under the chains private label brand, Chairmans Choice. To supply the chain, Moon burst will have to drastically increase its purchasing ad processing capacity. To finance its expanded operations, Moon bursts owner are negotiating with four private investment firms for new equity. Three of the potential investment firms are based in the United States; the fourth firm is a large Canadian pension fund.

2. Pangal Inc. is a steel fabricating company based in Hamilton, Ontario. The company is listed on the TSX. The controlling shareholder, Nataraj Pangal, holds shares entitling him to 51% of the voting rights. Seventy percent of Pangals output is sold to U.S. manufacturers and builders, although contracts with non-American manufacturers are under negotiation and are expected to account for an increasing proportion of sales in future years. Pangal is considering the possibility of registering with the SEC and applying for a U.S. exchange listing.

3. Economics International (EI) is a Toronto-based consulting company. EI provides consulting services to European companies that have operations in Canada and in the United States. EI bills its clients in the currency of their home country, primarily in euros and pound sterling. Some billings are based in Canada; the others are located in London and Brussels. About half of EIs consultants are based in Canada; the others are located in London and Brussels. EIs shares are owned by the consultants; to become a senior consultant, a consultant must make a substantial equity investment in EI.

4. Chorus Entertainment Corporations (CEC) head office is in Montreal, while its executive offices are in Los Angeles. CECs main operations are in Los Angles, although CEC does maintain an animation studio in Vancouver and operates a sound stage in Toronto. CEC is privately owned, but it raises additional financing almost exclusively in the United States and through its industry contracts in Los Angeles.

Required: For each of the four companies, discuss and explain the most appropriate accounting standards to use: IFRS, US GAAP, Canadian ASPE, or DBA. Also indicate the most appropriate presentation currency for each company.