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Unruh Software International Inc., headquartered in Toronto, specializes in Internet safety and computer security products for both the home and commercial markets. In a recent balance sheet, it reported a defi cit (negative retained earnings) of US $5,678,288. It has reported only net losses since its inception. In spite of these losses, Unruh's common shares have traded anywhere from a high of $3.70 to a low of $0.32 on the Canadian Venture Exchange. Unruh's financial statements have historically been prepared in Canadian dollars. Recently, the company adopted the US. dollar as its reporting currency. Instructions
(a) What is the objective of financial reporting? How does this objective meet or not meet Unruh's investors' needs?
(b) Why would investors want to buy Unruh's shares if the company has consistently reported losses over the last few years? Include in your answer an assessment of the relevance of the information reported on Unruh's financial statements.
(c) Comment on how the change in reporting information from Canadian dollars to US. dollars likely affected the readers of Unruh's financial statements. Include in your answer an assessment of the comparability of the information.
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