Scenario 1 Energy Inc. (Energy), which operates in the oil industry, is a U. subsidiary of a U.

Scenario 1

Required:

Scenario 2

Required:

Scenario 3

The government introduces a number of changes to the income tax system. As a result of these changes, Energy will need to retrain a large proportion of its administrative and sales workforce in order to ensure continued compliance with the new regulations. As of the balance sheet date, no retraining of staff has taken place.

Required:

Scenario 4

Required:

The format requirements for the research assignments are as follows:

A. Restate or repeat the questions;

B. Provide your answers using complete statements and proper grammar;

C. Provide proper references from FASB Codification in proper form such as

ASC 350-20-35-3 or ASC450-20-25-2.

Provide proper references from IFRS in proper form, such as

IAS 10, para. 6 or IFRS 13, para. 8.

Note: The references must be specific to the paragraphs;

You must incorporate reference numbers such as ASC 350-20-35-3 in your discussions. The

paragraphs copies from the Codification or IFRS may either be included together with your

reference numbers or be attached at the end of your research paper.

D. Must be typed, in the font of 12.

For the access to the FASB Codification database, please log in at http://www2.aaahq.org/ascLogin.cfm (Links to an external site.)Links to an external site. using the following:

        User ID: AAA52079

                        Password: sZsQ49P

The IFRS Foundation offers free access to the IFRSs, but you need to register as a user of the website. Please go to http://www.ifrs.org/IFRSs/Pages/IFRS.aspx (Links to an external site.)Links to an external site. for registering as a user of the access.

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