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Explain the accounting issue

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Question - After reviewing the statement of financial position, you notice that there are preferred shares valued at $100,000, which equals a total of 1,000 shares outstanding. The preferred shares are redeemable and have a 5% annual dividend. The dividend will double every three years up to a maximum 20% dividend yield. The preferred shares become convertible into common shares if CAP does not pay the specified dividend on the preferred shares.

Preferred shares are 100,000 for both 2019 and 2020.

Explain the accounting issue and explain how it can be solved under both ASPE and IFRS?

Reference no: EM132920317

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