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Hello Sir,
While calculating foreign exchange differences of a subsidiary, if we have only been given subsidiary’s “Total Comprehensive Income” in its local currency (foreign currency) , then do we take this total comprehensive income in place of “profit for the year” for calculating total exchange difference on Subsidiary’s Net Assets?
Thanks!
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*on acquisition of a foreign subsidiary
Yes – it should be the XD on opening NA plus the XD on TCI – some practice questions probably just have profit (and no OCI)
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Thank you very much 🙂
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Just one more question:
So, I guess we’ll calculate TCI attributable to NCI in the following manner:Subsidiary’s TCI X
FV Depreciation (X)
Impairment (X)
Exchange Gain/Loss X/(X)x NCI%
Thanks!
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