Consolidation

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May 7, 2018 at 4:14 pm #450477
annamalai27
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Are contingent liabilities disclosed in the notes/footnote of the subsidiary’s FS also included as a part of the parents FS while consolidation?
If yes, where is it disclosed as a part of the Parent companies FS, will it be in the form of notes or just a foot note ?
May 7, 2018 at 4:39 pm #450479
MikeLittle
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If a contingent liability in the subsidiary’s notes to the financial statements is material to the group as a whole, then a note would be made in the notes on the consolidated financial statements

But only if material to the group as a whole

OK?
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