(Answered) This problem is a variation of problem 12-16 modified to

Accounting

This problem is a variation of Problem 12-16, modified to consider accounting for impairments under IFRS.

Required:

Consider the facts presented in P12-16, and assume that Stewart accounts for its investments under IFRS. Prepare the appropriate adjusting journal entries to account for fair value changes during 2011 and 2012, assuming that Stewart views each investment as meeting any criteria necessary for recognizing another-than-temporary (OTT) impairment as of December 31, 2011, and then is accounted for normally during 2012 (with no additional OTT impairment in 2012).

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