Preparation of the Consolidated Statement of Financial Position part 2
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Kindly assist to direct me , on lecture for F6 Taxation South Africa version and the study guide.
Hello, This is Edrees Alimy, ACCA student, could you please instruct me how to download video lectures of F7, through open tuition?
Thanks,
Hi, welcome to OpenTuition
Sadly, the video lectures are not downloadable – it”s the only way that we can keep the site free – but you can always post on the Ask ACCA Tutor if you have any particular question and I shall get back to you
OK?
Hello! Is it possible that in case of real ACCA exam (F7) will be Associate instead of Subsidiary? Or is it the next level, P2 for example?
Thanks in advance!
It’s very possible that there will be an associate as well as a subsidiary but it’s highly unlikely that there will be an associate with no subsidiary
So, parent with subsidiary or parent with subsidiary and associate
But not parent with no subsidiary but with an associate
OK?
Hi mike, just to say im loving this site.
I have studied AAT and i did Financial Statements Exam that cover iAS cash flows, consolidated acounts etc. when studying Consolidated accounts i would do the following working. i would be interested in getting your thoughts on the below workings.
W1 – goodwill At acquisition
investment X
Share capital Acquired (P share of S share capital at acquisition (X)
Retained Earning Acquired (P share of S Retained Earnings at acquisition (X)
Other reserves acquired (P share of S reserves at acquisition (X)
Revaluation Adjustment attributable to parents ( p share of difference between fair value and book value net assets at acquisition date (X)
= Goodwill at Acquisition
Goodwill at acquisition X
Impairment of GW (x)
= GW in group SOFP X
W2 – NCI
share capital attributable to NCI (NCI share capital at period end) X
Retained earning attributable to NCI Share at period end ) X
revaluation reserves attributable to NCI (at period end) X
revaluation adjustments attributable to NCI X
NCI in group SOFP X
W3 – Retained Earning
100% Parents retained Earning X
P share of S post acquisition Retained earning X
Impairment of Goodwill (X)
Retained Earning in group SOFP X
This is how i did it for AAT, i understand F7 is a step up, so i am keen to understand your thoughts on the possible issues with the above.
Thanks Mike
Hi Mike,
In the notes for question 8 where the shares were priced @ $1.65. The answers show no changes in the value of Net assets while calculating g/w. Could you please explain why is that?
When the market value of British Telecom shares changes (on a daily basis) can you please tell me what affect that has on the value of British Telecom’s property, plant, equipment, motor vehicles, receivables, balance at bank …….
Please, where can I see the question you solved here and in other videos?
In their course notes… if I’m not mistaken theres a link to it just above every video.
Dear Sir, I refer to F7 chapter 7 example 9, how do I get to 35,000 for goodwill from 32,800 and 10% goodwill impairment for 3280?
Answered this on Ask ACCA Tutor forum
What is the theory/practical distribution in the F7 examination?
Have you tried one of the specimen exams for F7 – you’ll find them on this site?
If you have, you’ll see the typical split of theory / practical elements
And if you haven’t, then you should because then you’ll see the typical split of theory / practical elements within the exam!
how is a loss in revaluation treated in the financial statements
This should be on the ask the tutor page. Re-post it and I’ll answer it today!
I really appreciate your efforts. I missed some of the lectures of Consolidation during my regular classes and I was quite worried about that but fortunately open tuition has made my life easy. Thankyou mike, you are really helping out a lot of students.
sir what will be effect of bargain purchases on CSFP?
None! The difference between consideration paid and fair valued net assets gives rise to negative goodwill and negative goodwill is credited to retained earnings at the first opportunity
OK?
please about leases, there is no sale and lease back topic. can you help me wth that. Thanks
why cant u download the video
what if the subsidiary has a loss in its profit and loss account?
what if the subsidiary has retained loss in its financial position?
relating to the above, how should i calculate the goodwill and consolidated retained profit/loss?
What’s the problem? “Retained earnings at date of acquisition” means ….. retained earnings at date of acquisition!
If that’s negative, then put it in as a negative!
I really don’t see what your problem is
Does that answer you?
You are good…Thankyou