AFA 300 Chapter Notes - Chapter 6: Initial Public Offering

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13 Aug 2016
Department
Course
Professor
Old Bay Manufacturing Case Notes
-Ontario Security Communication-User
-Employee- not significant
-maximum 3 important users affect overall objective
-Case 1
 users are not BOD, employees and management
-expand equipment division
-initial public offering
--want to prepare statements to please the future shareholders
-whole team important user, IPO strategy
Constraints
IFRS
-management has bias to overstate and understate expenses
-information quality, faithfulness, reliability
-OBM-management –polish statement to attract new investment shareholders
-creditors look forward to extra investing
-travel vs. design costs
--upfront recorded as unearned revenue
-50% deposit
Special contract price
--50% upfront
--50%--upon delivery
Standard
--upon delivery + 30 days delayed
--upfront pay
-unearned revenue—night
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