RSM220H1 Study Guide - Final Guide: Financial Statement, Book Value

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30 May 2014

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10 marks: (write in full sentence even though in bullet point in the exam) Gaap: ifrs because cel is a public company listed in tsx. Pressure for strong performance because major investors suffer losses in. Fro: aggressive because they are trying to meet the demands of major investors for strong performances. (key work: strong performance tied to case). Investors: (two large canadian pension funds are major investors) Fro: conservative because they want to see worst-case scenario results (maybe less likely and maybe aggressive) Or fro: aggressive because they want to see strong performance to offset previous losses on other investments (i. e. bp) Or fro: neutral because they are likely to be a long-term shareholder, and therefore interested in seeing the economic reality without bias. Role (and fros): auditor adp llp (given our independence) Fro: (should be certain) neutral because it is our job to be unbiased and fair.

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