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Required ( a ) Determine the amount at which Fast should report each of the following on its balance sheet at December 3 1 ,
Required
a Determine the amount at which Fast should report each of the following on its balance sheet at December Year using
IFRS and ASPE. Ignore the possibility of any additional impairment or reversal of impairment loss at the end of Year
Assume that Fast wants to minimize net income.
i Research and development
ii Equipment
b Prepare a reconciliation of net income for Year and shareholders equity at December Year under IFRS to an ASPE
basis.
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