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Consolidation

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › Consolidation

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by Chris.
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    Posts
  • May 17, 2018 at 6:29 pm #452551
    daaccountant
    Member
    • Topics: 3
    • Replies: 0
    • ☆

    Hey guys,

    Can anyone help with this. In consolidation accounts, if I consolidate the associates financial statements with the parents by mistake by their share of it – carried through the whole consolidated financial statement.

    Would I get any follow through marks?

    May 18, 2018 at 2:15 pm #452683
    Chris
    Member
    • Topics: 7
    • Replies: 600
    • ☆☆☆☆

    Marks are generally awarded for each part of the SFP/SPL or each adjustment. I think you would lose a mark or half a mark for each time you did this as it would affect the entire statement. However you would still get marks for including other items in the accounts.

    For example if the parent’s current assets were 100, the 60% owned subsidiary’s were 100 and there was a negative adjustment of 20, and you put 140 when the answer is 180, you’d still get some marks if your working was clear as you included the parent and the adjustment correctly.

    However this would be a pretty big error and demonstrates a fundamental lack of understanding of consolidation.

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