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F7 Fair value adjustment

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › F7 Fair value adjustment

  • This topic has 0 replies, 1 voice, and was last updated 7 years ago by Amer.
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  • Author
    Posts
  • November 17, 2015 at 10:08 am #283270
    Amer
    Member
    • Topics: 22
    • Replies: 8
    • ☆

    When we usually calculate FV of net assets we make 3 columns At acq | Reporting date | Post Acquisition
    Whenever S’s assets fair value are below carrying amount we put negative figures in the At Acquisition column and reporting date column but the solution for the question below is different
    Question-At the date of acquisition the fair values of Savannah’s (Subsidiary)
    assets were equal to their carrying amounts with the exception of Savannah’s land which had a fair value of 500K below it’s carrying amount; it was written down by this amount shortly after acquisition and has not changed in value since then.
    My answer:
    FV adj
    At Acquisition- (500)
    Reporting date-(500)
    Post Acq- Nil

    Kaplan Solution:
    At Acquisition- (500)
    Reporting date-Nil
    Post Acq- 500

    This is what confuses me. Thank you 🙂

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