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Aron Barash earned his CGA in 2012. Because IFRS were being introduced during his course of study, Aron spent a fair amount of time studying IFRS and the changes they would make in Canadian financial accounting. In fact, his knowledge of this area was a major reason that Giana Domili asked Aron to join the firm of Domili, Jones, and Dahra, a licenced CGA public practice. The firm gained a reputation over the years for passing all required professional inspections in an outstanding manner. In working on an assignment under one of the partners, Ian Jones, Aron noticed that Ian signed off on a file that involved a fundamental and material misapplication of IFRS, which resulted in a gross understatement of taxes payable for the year. When Aron pointed out the error and the correct application of IFRS, Ian said, "Young man, you had better learn who is boss around here. I have been an accountant a lot longer than you have and we have always done things in this way." Aron tried to explain that the "old way of doing things," while fine under the pre-changeover accounting standards, is no longer allowed under IFRS. Ian, however, refused to listen and suggested that Aron was completely out of line. Outline Aron's professional obligations as a CGA, and recommend Aron's course of action in dealing with this ethical dilemma. Include the CEPROC rules of professional conduct to consider. Your answer should be between 200 and 300 words.
the partnership agreement of jones king and lane provides for the annual allocation of thebusinesss profit or loss in
if a company purchased a tractor trailer for 98000. the company uses the units-of-activity method for depreciating its
Finally, Giovanni estimates that he needs to withdraw $55,000 from the business (as dividends) to cover his own personal living expenses this year. Will Giovanni have enough cash to get through the year? What is his budgeted cash balance on Decemb..
Annie gives her son stock with a basis in her hands of $52,000 and a fair market value of $48,000. No gift tax is paid. Son subsequently sells the stock for $49,000. What is his recognized gain or loss?
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Describe the difference between exchange and nonexchange transactions and discuss the rules for recognition of revenues and expenses/expenditures for each type of transaction.
Expenditures were 4000000 in 2011 and 2050000 in 2012 which included a change to the original construction design in the amount of 50000. what amount should be added to net capital assets in the governmental accounts in 2012?
Attached is an Inventory cost test.
What issues should Marcia and Dave consider when formulating their divorce agreement? Solution: Marcia and Dave should consider the taxability of the transfer of the home to Marcia and the boat to Dave. That is, what are the tax consequences of a ..
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