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This is actually assumed knowledge from F3 Financial Accounting. In summary – it is how we account for an investment in an associate under IFRS. Say entity “X” has an investment in an associate “T”:
? X initially recognised the investment in T at cost. At each reporting date, this is adjusted for X’s % share in the post-acquisition change in T’s net assets.
? X’s profit or loss/OCI includes its % share in T’s profit or loss/OCI for the period.
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