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Why would company be recognizing an adjustment for returns

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Question - Case - Canopy Growth: Accounting Problems in the Cannabis Industry

Ivey publish case

1. Based on the information provided, what do you think are some key success factors for successfully competing in the cannabis industry? How would you consider Canopy's performance thus far?

2. Review the financial statements provided in Exhibit 1. How would you rate the financial health of the Company?

3. Investigate the financial statement issues raised by Fowler, starting with the issue presented by IAS 41 Agriculture, and recording biological assets and inventory at their fair value. What impact does this have on the financial statements? Do you think that IAS 41, Agriculture is an appropriate standard for use in the cannabis industry?

4. Why would the Company be recognizing an adjustment for returns and exchanges? What impact does this adjustment have on the financial statements?

5. Consider the charge recorded by the Company related to inventory of oil and softgel products. Why did Canopy record this adjustment and what were the circumstances that led to it? What is the associated impact to the financial statements?

6. What other key financial statement accounts do you see driving the financial results and health of the company? Do you think there are any risks associated with these key accounts in future periods?

Reference no: EM133051116

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