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  • BAE

Using the ACAF scenario analysis model, write a memo to Naresh to help him understand the following

a. (61 marks) Using the draft financial statements provided, prepare the following using the restricted fund method of revenue recognition:

i. Statement of financial position as at December 31, 20X6 (22 marks)

ii. Statement of operations and changes in fund balances for the year ended December 31, 20X6 (17 marks) To earn full marks, provide supporting calculations for the following:

iii. Investments (9 marks)

iv. Inter fund transfers (5 marks)

v. Fund balance invested in capital assets (3 marks)

vi. Donations (5 marks)


b. (18 marks) Using the ACAF scenario analysis model, write a memo to Naresh to help him understand the following:

i. Why the former treasurer recommended ASNPO over IFRS as HJ’s basis of accounting (3 marks)

ii. How contributions will be reported using the restricted fund method (5 marks)

iii. What information is conveyed to the users of the financial statements prepared using the restricted fund method of revenue recognition (5 marks) 5 marks will be awarded for style and communication.

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