For each of the following situations, explain why IFRS financial statements would be of limited use for predicting the entity’s future performance:

a. The entity purchases a major new operating division near its year end in a new line of business.

b. A large and successful U.S. firm in the same line of business enters the Canadian market late in the fiscal year.

c. The entity just began operations and is growing rapidly.

d. The entity is in a declining industry and has just closed down a number of its plants.

e. The entity is a producer of software.