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what is the treatment of goods sold by Associate to parent in Consolidated Financial Statement??
No cancellation of revenue against cost of sales
But it is appropriate to eliminate the group’s share of any unrealised proft.
The quick and easy way is to put the full pup in the associate’s adjusted profit for the year and then, upon consolidation in working W3, we take just the parent’s / group’s share of those adjusted profits. That has the desired effect of eliminating just the group’s share of the pup
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