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Youve told in last comprehensive example that the example has everything that we need except Revaluation and Tax issues.
im asking you pls, could you illustrate it in one example here, Mr mike.
1)Revn are we including Revelation ON date of acquistion to Goodwill working?
Revn are we recognizing it in Retained earnings working?
2) Tax
Do we split income tax like we do using prepayments or accruals and spliting them into NCL and CL?You’re looking for a revelation? !!!!!
The comprehensive example does include a fair value adjustment (in the context of TNCA, that’s a revaluation)
In the working W3 consolidated retained earnings, that revalued asset comes in at the revalued surplus amount less the appropriate depreciation on that revalued surplus
In the consolidation question, do not worry about any tax implications!
I’ve never see a consolidation question with tax problems and I don’t expect to within my life time
Omg I’m soo happy to hear that?
I thought FV adjustment is not revaluation but just increase in market value…well that when revaluation happens omg hahah i still didn’t realize that???
That’s whyyy you accounting for it always in retained earnings W3 and equity section of CSoFP accounting for depreciation of course.
Is that all right??? Omg thank you if so. The only problem was tax for me…
If that’s your only problem, do I expect to see you on top of the opentuition genius hunt when the results are announced?
Good luck next week
Hey. Quick question. When doing a consolidated statement of financial position, upon calculation of the Goodwill, consol Ret. Earnings a d NCI, will you get full marks got the correct format og each even though the adjustments were calculated incorrectly?
You’ll not get full marks but take goodwill as an example.
There could be 6, 7 maybe even 8 numbers within a goodwill calculation.
But the end result, the final figure, could be worth 8 marks
It’s not an all-or-nothing situation. 8 correct figures? 8 marks
7 correct figures? 7 marks
And so on
Ok?
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