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if Company A 100% owns a subsidiary Company B, and Co.B 100% owns Co. C.
Supposed Co.B no need to present consolidated financial statement as it fulfills all the criteria in FRS 27 para10, should Co.A conso Co.B only or conso both Co. B and C?The disposal group classified as asset held for sale in balance sheet, the balance consisted of assets and liabilities and reserve only? Share capital is eliminated and retained earnings is consolidated to Group’s?
And if there is a foreign subsidiary, translation of the functional currency to presentation currency before consolidate, all balance sheet items are translated at closing rate? Including share capital, reserve and non-monetary assets?
Thanks Mike! It’s always such a big confusion for me when it comes to NCAHFS and DO!
So all the accounting treatment and disclosure we should follow IFRS 5, NCAHFS (even if it is not to be disposed through selling/ held primarily for the purpose of being traded)?
If it’s year end is Dec’2014 but the liquidation started in Jun’14, I should take Jun’14 figures? How about the transactions that happened after Jun’14?
It’s profit for the year is shown as a separate line as “Profit for the year from discontinued operation” in consolidated SOPL? And assess any impairment before consolidation?
if we choose cost model, we need to depreciate it, but since the property is not held for use, depreciation seems not appropriate?
10x a lot! it helps me a lot already since i did not attend classes
but i’m very confused, ias 27,28,31 is superseded by ifrs? but comes into effect from 2013, should we study new ifrs only or both?hi mike!! may i know where can i get the information, website or study materials for the the areas of p2 changes as well as current issue?
is it going to ias website would be helpful?