Conceptual Framework - WHICH GAAP: IFRS/ASPE/OTHER

***Need Help with Question c)***

For each of the 5 companies:

1. Discuss the financial reporting options available to the organization (IFRS, ASPE or Both).
2. Discuss who would use the financial information. How would they use the information?
3. Each of the organizations listed use a different GAAP. Based on your answers in parts a) and b) indicate which GAAP you think each company should use. Explain.

1. Homburg Investments Inc: Is a real-estate development and property management company. Homburg trades shares on both the Toronto Stock Exchange and New York Stock exchange. It holds a variety of properties in Canada, U.S. And Europe. Some of its properties include residential condominiums, office buildings, industrial buildings and shopping centres.
2. First Pro Shopping Centres: Operates under the banner Smart Centres and is also a real-estate development and property management company. First Pro shares are held by one individual and a major source of financing is through long-term mortgages held with several major Canadian banks. First Pro holds billions of dollars in properties in all regions in Canada. It is a leader in the expansion of the outdoor shopping malls in Canada.
3. McCain Foods limited: Is a large multinational private company with $6 billion in sales. It produces both frozen and non-frozen food products and makes one third of the frozen French Fries produced worldwide. It has manufacturing operations in 18 countries, sales and operations in over 100 countries and employees more than 20,000 people.
4. World Wild Life Fund Canada (WWF): The Fund is a national registered charity formed to collect, manage and make disbursements through suitable bodies or individuals for the conservation of fauna, flora, forests, landscape, water, soils and other natural resources in Canada and elsewhere, by research and investigation, education at all levels, information and publicity, coordination of efforts, cooperation with other interested parties and all other appropriate means. The WWF holds approximately $22 million in assets and recognizes approximately $23 million in total revenue per year.
5. Greater Toronto Airports Authority (GTAA): In July 1994, the federal government announced its National Airports Policy whereby the management, operation and maintenance of 26 airports within the National Airport System was to be transferred through various ground lease arrangements to locally controlled Canadian Airport Authorities (CAAs). GTAA was incorporated on March 3, 1993, under Part II of the Canada Corporations Act, as a corporation without share capital (no owners). This corporate structure ensures the excess of revenues over expenses is retained and reinvested in both airports and airport operations under the control of the GTAA. The GTAA has issued approximately $6 billion in bonds which are traded in public markets.