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it is on the kaplan revision kit. In general how would you work it out?
Also is CI likely to come up with an exam with 2 subsidiaries? we have not had a pass paper with two subs thats foreign exchange.
That would be an interesting question. We’ve had a (2?) consolidation with 2 subsidiaries where one was foreign but never with both foreign
Think what the examiner is there to do – he’s testing your ability in a number of different areas of the syllabus. What would be the point of asking a question with two foreign subsidiaries? If you can consolidate one foreign subsidiary, you can consolidate 50 foreign subsidiaries
I do not have to hand (and will not until September at the earliest) a Kaplan exam kit
in general, according to my recollection of F7 and working W4B (the nci on the statement of income), the nci is entitled to:-
their share of
this year’s
subsidiary
adjusted
time-apportioned
translated
profit after taxshown as a pre-tax income (expense)
In general, does that answer it? You have the printed solution in front of you. Does the nci amount fit the description above?
i meant is there question with 2 subs, but one is foreign.? i.e ribby and rose from pre past papers. but CI has never been asked together with SOFP in a foriegn extchange question.
in the solutions does not really tell to work out NCI in the CI.
Ok, sorry to have misunderstood. No, not to my recollection has there been a 2 subsidiary (1 foreign) question asking for Consolidated Statement of Income.
Maybe this June?
The seven lines above (now replicated here!)
their share of
this year’s
subsidiary
adjusted
time-apportioned
translated
profit after taxshould be the basis of the solution to your question about how to compute the nci share of this year’s subsidiary profits
how many marks is it roughly about for CI? as i really dont know this computation, dont have pass papers to practice on this question, appart from memo 2004, but only has 1 sub in memo, which i doubt this will be examined.
see the calcs from OCE will they be in the CI?
If the examiner asks a consolidated statement of income (profit or loss) it could be a 34 / 35 marker in its own right or, more likely, it could be just one part of a 35 mark question asking for consolidated statement of financial position, consolidated statement of profit or loss and a consolidated statement of changes in equity
Whatever format question 1 takes, you can rely upon it being mind-blowingly difficult. However, as your examiner and tutors around the World say on a regular basis, “there are always easy marks to be picked up in any exam question”.
There’s no point in asking me “how many marks is it roughly about for CI?” and there’s no point in starting to get worried about it.
If you don’t know the mantra for the entitlements of the nci, why not look at some F7 consolidated income statement questions. That should start you off down the right track
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