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Assumes the role in the case throughout o For each main financial accounting issue: Defines the issue Includes an analysis with at least ONE relevant directly referenced quote to the CPA Handbook (in text citation, ie. per XXXXX, "....") Clearly states your supported recommendation o Considers all items that should be addressed based on your role and the situation

Investment Company Limited (ICL) is a private Canadian company owned by 10 doctors. The company's objective is to manage the doctors' investment portfolios. It actually began as an investment club 10 years ago. At that time, each doctor invested equal amounts of cash and the group met every other week to determine where the money should be invested. Eventually, they decided to incorporate the company and each doctor now owns one-tenth of the voting shares. The company employs two managers who look after the business full-time and make the investment decisions with input from the owners. Earnings per year after taxes now average $1.5 million. During the year, the following transactions took place: Investment A (IA): Purchased common shares of IA for $1 million. IA allows researchers to use expensive lab equipment (which is owned by the company) on a pay-per-use basis. These shares represent 15% of the total outstanding common shares of IA. Because of its percentage ownership, ICL is allowed to appoint one member of IA's board of directors. There are three directors on the board. One of the ICL owners has also been hired as a consultant to IA to advise on equipment acquisitions. The company is unsure of how long it will keep the shares. At least two of the ICL owners are interested in holding on to the investment for the longer term, as they use the services of IA. The fair value of the shares of IA is determined annually by a valuations expert. Investment B (IB): Purchased preferred shares of IB representing 25% of the total outstanding shares. The shares will likely be resold within two months, although no decision has yet been made. The fair value of this investment is known. Investment C (IC): Purchased a 25% interest in voting common shares of IC for $1 million two years ago. The current carrying amount is $950,000, since the company has been in the drug development stage. IC develops drug delivery technology. In the past week, a major drug on which the company has spent large amounts (approximately $10 million) for research and development was declined by the Food and Drug Administration for sale in the United States. Most of the $10 million had previously been capitalized in the financial statements of IC. This is a significant blow to IC, as it had been projecting that 50% of its future revenues would come from this drug. IC does not produce financial statements until two months after ICL's year end. Although the investments have been mainly in private companies so far, the doctors are thinking of revising their investment strategy and investing in more public companies. They feel that the stock market is poised for recovery, and are therefore planning to borrow some funds for investment. You are the company's accountant and are currently reviewing the above transactions in preparation for a meeting with the bank. The company has never prepared GAAP statements before but the bank is requiring them to do so for this year. The owners would like you analyze any financial reporting issues for them. Required Prepare the memo to the owners.