Impact

This topic has 1 reply, 2 voices, and was last updated 6 years ago by Kim Smith.

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June 22, 2019 at 3:13 pm #521069
iza1
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Sir,
if there is an associate in an entity and if the group hasnt treated it as associate what would be the fs impact we would write for audit risk question

is it understated assets and profit ? or understated equity and profit
June 23, 2019 at 10:16 am #521114
Kim Smith
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It must affect all 3 – at each reporting date the movement in P’s share of A’s post-acquisition retained earnings affects profit – and the cumulative effects are reflected in the carrying amount of the investment and equity.
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