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Thanks for your great explanation of the matter as i was also of the opinion that in the exam question KAM is just for listed company and should not be included when dealing with non-listed company . Yes the “precedence” of KAM over EOMP statement is misleading as it kind of gives the impression that they are mutually exclusive which is incorrect.
here is the link:
https://vimeo.com/317348587you can watch it full if got time but watch specially from 24 minutes to 31:22 where he actually give statement about KAM in listed and EOMP in non-listed company which is confusing and he also said that KAM cannot be used for non-listed companies but in my knowledge as i have mentioned in my question as well that KAM can be used in non-listed company also if auditor voluntarily wants to use it or management or TCWG make a request to use it if i am correct. Do let me know after watching that what you think of the statements made and about the presenter.
Thanks a lot now its cleared. the link you provided also was great actually i asked this question after listening to the same presenter in one of his webinar video and it is really kind of misleading giving statements like this.
If complex groups exist in real life then we should ideally be learning the complex group accounting from practical point of view. What do you think?
OK i also have thought of that but why then most of the SBR study texts dont include this point these books only tells that the cumulative gains and losses are recycled to P&L when the foreign sub is disposed off without telling the above point which gives the impression that whole gain and loss is recycled including the NCI too?
Thanks a lot for the great answers. The reason i asked the second question is that i have seen some tutors when they teach IAS – 40, they say that because the FV movement is recorded in P&L so that it is realised regardless the asset is sold or not and have the misconception that whatever is recorded in P&L is always realised.
Regarding the revaluations gains related to financial assets which are usually realised, does this include both financial assets carried at FVTPL and FVTOCI or just the former?
