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suppose, the fair value of land of subsidiary company was 20,000 greater than carrying value at the date of acquisition but that land is still with subsidiary company. then while calculating goodwill do we need to adjust it (deduct it from consideration transfered) ?
Yes we do, and we also increase the value of the land in the consolidated SOFP.
I do explain this in my free lectures on consolidations.
(The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.