(Solution) - Obtain the 2011 financial statements of Teck Resources Limited from -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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Obtain the 2011 financial statements of Teck Resources Limited from SEDAR (www.sedar.com).
Instructions
(a) Using the notes to the consolidated financial statements, determine the company's revenue recognition policy. Comment on whether the company uses an aggressive or conservative method for reporting revenue.
(b) Give two examples of where historical cost information is reported in the financial statements and related notes. Give two examples where fair value information is reported in either the financial statements or related notes.
c) "When the company transitioned to IFRS, it had to restate its 2010 financial statements.
Comment on the pros and cons of restating the financial statements.
(d) The company adopted IFRS in 2011. Did the move to IFRS cause comprehensive income for 2010 to increase or decrease? "Why did this happen? Briefly identify the main adjustments required to move to IFRS.