P7 Chapter 9 Group Audits (part 2) Joint audits, Fair Values

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View all free ACCA P7 lectures >> This lecture is based on OpenTuition P7 course notes

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  1. Avatar of dimple dimple says:
    November 25, 2012 at 12:39 am

    excellent lecture thank you very much.

  2. Avatar of prateshramjohn prateshramjohn says:
    November 10, 2012 at 11:21 pm

    Mr. Little, can you help with this question?

    Upon consolidation, you would need to have accounting policies of the parent and the subsidiary in line with each other. What would you do if material subsidiary is no longer a going concern. Here, the subsidiary’s Financial Statements would be on a cash basis. So would the reclassification of the subsidiary’s TNCA now go under CA of the group CSoFP?

    • Avatar of MikeLittle MikeLittle says:
      November 11, 2012 at 10:21 am

      @prateshramjohn, Well, that’s an interesting one! I wonder whether we might sensibly classify the subsidiary as an Asset Held for Sale, value it at fair value as at the date of reclassification and reassess at the year end.

      There is, of course, the other problem that a ( to use your words ) “material subsidiary is no longer a going concern”. Might this not cast some degree of doubt on the ability of the whole group to continue? We would need to ask also why or how the parent has allowed this to happen and what the cause of the problems was.

      I think, instead of thinking about reclassifying the subsidiary’s TNCA, we would rather reclassify the whole subsidiary under IFRS5 at fair value

  3. Avatar of barwazini barwazini says:
    November 3, 2012 at 10:36 am

    what about the materiality in joint audits? is it the same when it comes to assess the risk of material misstatement in the financial statements as a whole?

  4. Avatar of ashebir2 ashebir2 says:
    November 1, 2012 at 12:35 pm

    I don’t see any difference b/n attending this lecture through this webpage & being actually in real class!!!!

  5. Avatar of nat031188 nat031188 says:
    October 29, 2012 at 7:52 pm

    I googled the Royle show! Great lecture x

  6. Avatar of letsdothis letsdothis says:
    October 25, 2012 at 8:35 am

    Thanks for the lectures…Hope second time is the charm : D

  7. Avatar of chipopola chipopola says:
    September 12, 2012 at 9:09 pm

    am having a problem watching the lectures….anyone to help?

  8. Avatar of leontina leontina says:
    June 2, 2012 at 1:58 pm

    thanks for the lesson,it was great

  9. Avatar of muramuzi muramuzi says:
    November 15, 2011 at 5:26 pm

    The lecture refreshed me in the area of group audits and fair values. Thanks much.

  10. Avatar of tinaotu tinaotu says:
    June 1, 2011 at 11:08 pm

    congrats. i love the well summarised notes. they are so straight to the point. though p7 is highly technical, i pray that this time it will be a walk over!

  11. Avatar of polo5678 polo5678 says:
    June 1, 2011 at 5:54 pm

    Ralph Little’s dad wow, a small world. My claim to fame now LOL.

  12. Avatar of ronniebates ronniebates says:
    May 8, 2011 at 4:11 pm

    Congratulations, your son is a star and you are an equally good lecturer. Thank you for these lessons, they are a great help

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