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Questions and Answers
In the class on September 9, investments were reported under the equity method assuming IFRS is followed.
True
What chapter was covered in the class on September 9?
Chapter 2
Which example was discussed in class on September 9?
P2-6 Pender and SaltSpring
What is the homework assigned after the September 9 class?
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Which problems were taken up in class on September 10?
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In the P2-2 problem discussed on September 10, what two approaches were taken regarding the investment account?
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What should students review to gain further support for the High and Lowe question?
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What did the class on September 13 mainly review?
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What is the next topic that will be introduced in the following class after September 13?
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Study Notes
Week of Sept 9th
- Chapter 2: Significant influence investments
- IFRS standards dictate investment accounting under equity method
- Cost method accounting is also covered
- Homeworks
- Problem 2-2: Equity method investment accounting over two years, followed by reclassification and accounting for the investment as FVTPL for the third year
- Review self-study problems 1: High and Lowe on pages 71-73 (includes solution)
Week of Sept 10th
- Solved problems
- P2-2 (Anderson and Carter): Investment carried under the equity method over two years, then reclassified to FVTPL
- P2-4 (Blake and Stergis): Journal entries under significant influence investment and cost method assumptions
- High and Lowe: FVTPL reclassified to a significant influence investment using the equity method
- Resources
- P2-4: Similar problem with video explanation in the WATCH section of chapter 2
- High and Lowe: Solution posted in course, similar solved problem in self-study problem 1 chapter 2
- Solutions for all solved problems, including Pender and Saltspring from previous class are posted in the Chapter 2 module
- Upcoming classes
- Case 1-4 RSI discussion
- Chapter 3 introduction (time permitting)
Week of Sept 13th
- Content covered
- Dropbox assignment #1 review
- CONNECT practice problems (ungraded) in the Canvas course Chapter 1 module
- Solutions provided in the chapter postings
- Case 1-4 RSI (condensed solution available)
- Chapter 2 question relating to Dropbox assignment 1
- Assignments
- Begin Dropbox assignment 1 - First question (relates to chapter 2)
- Upcoming classes
- Chapter 3 commencement
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Description
This quiz covers Chapter 2 on accounting for significant influence investments, focusing on IFRS standards and the equity method. It includes homework problems, solved examples, and resource links for better understanding. Dive into the complex aspects of investment accounting and reclassification.
