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In a discussion question, do you need to quote the IFRS/IAS number? For example if this question is in relation to revenue recognition, do you need to quote in accordance with IFRS 15? Would you get potentially more marks quoting this> Does it matter? Can you just simply state in accordance with IFRS/IAS? Or in accordance with financial reporting framework?
No marks for standard numbers.
So:
In accordance with IFRS you should ….
Or:
In accordance with the Framework you should ….Thank you Stephen.
Just to confirm, is there any difference in stating one or the other in any question? Can I say either for any question or do I have to be specific to say either in accordance with IFRS or the framework?
in the case a company holding 45% of shares while 55% of shares are distributed among
small investors none of them holding 20% of shares..What would be the criteria of control??
can the 45% share holder consolidate ??
is there any condition where less that 50% share holder consolidate its FS??
Thanks
In the exam, I would write out IFRS 10 definition of control.
Then say POTENTIALLY it may be a subsidiary – there’s no cut and dried answer – they are looking to see if you have a (rough) idea of the principles.
MOst common exam scenario is where I hold a 40% shareholding an option to buy 20% and the option is in the money – now that may well be control.
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