Explain effects on balance sheet and income statement

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Reference no: EM133683781

Based on the information given below "1995 - Van der Peet" answer three questions.

1. Explain the effects on the Balance Sheet and Income Statement of the decision property rights change and the routine audit undertaken by CPA/External Auditors. (hint: analyze from intangible assets such as rights, control, liability, equity for B/S; analyze I/S from revenue, expense, net income/retained earnings etc.)

2. Explain the effects on control of resources for reporting issuers when property right change and changes to Those Charged With Governance corporate governance responsibilities.

3. Explain the effect on risk to rates of return for users (investors, creditors etc) that can affect a reporting entity's access to desired capital.

"The Van der Peet test is a legal framework that identifies Aboriginal rights, outlines criteria for assessing the nature and scope of such rights and emphasizes the significance of integrating with the culture of the society that the claimant is a part of. In addition, it provides an explanation of Section 35 of the Constitution Act of 1982, which safeguards the rights of Aboriginal people and treaty holders, as well as the Sparrow test for explaining infringements. This test requires showing a prima facie infringement and justifying it based on valid aims and crown honour."

Reference no: EM133683781

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