In its 2017 (Note 3), Air Canada has disclosed its critical estimates and judgements used in preparing the financial statements.
Instructions
Access the 2017 audited annual for Air Canada for the year ended December 31, 2017, from the company’s website or SEDAR (www.sedar.com). Read Note 3 and related notes and answer the following questions.
a. What are the main critical accounting estimates and judgements that the company discloses? Briefly outline each.
b. Why is it important that the company disclose these types of judgements? Consider this question from a user perspective.
c. How significant are the related financial statement elements?
