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Do we have to learn all the P2 workings again for P7 relevant for consolidations. I mean complex workings such as disposals, foreign subsidiary,loosing control etc
No, but you need to be able to remember what’s involved so that, if you are presented with a question where a parent has disposed of a subsidiary part way through the year, you can discuss knowingly what values should have been entered into which accounts to account for the disposal and which figures you are going to audit and what procedures to adopt when auditing those figures
It would be dangerous to wipe clear your mind of all those IFRS / IAS details
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