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Dear Sir,
Based on March 2020 exam, I understand that the identifiable net assets of the acquired Company and goodwill will be translated at the acquisition date and goodwill will be retranslated at the end of year using closed rate. However, I am concerned about the answer from ACCA regarding the identifiable of intangible asset as follows:
“This would initially be translated at the spot rate of exchange of $1 to 8 grommits and would be recognised initially in the consolidated financial statements at $1·875 million”
Does it mean that at the date of acquisition, we need to prepare the consolidated FS? I understand that the consolidated FS would be prepared at the year end?
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