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Other Reserves

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Other Reserves

  • This topic has 5 replies, 2 voices, and was last updated 10 years ago by MikeLittle.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • October 18, 2014 at 10:26 pm #204888
    rameez13031988
    Participant
    • Topics: 42
    • Replies: 54
    • ☆☆

    In one of your F7 video youy described a short cut way to treat revaluation reserves or any other reserve which was to treat it within W3 Con Ret Earnings what exactly was ur approach? Thanks in advance

    October 19, 2014 at 8:52 am #204901
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    Just that! Where there is a fair value increase in a subsidiary’s assets at date of acquisition and the asset is still in the subsidiary’s possession at the balance sheet date, I suppose technically I should open a Revaluation Reserve to record that fair value increase.

    For working W3 Consolidated Retained Earnings I include any required revaluation reserve arising on acquisition within the retained earnings calculation.

    That’s all 🙂

    October 23, 2014 at 10:06 am #205548
    rameez13031988
    Participant
    • Topics: 42
    • Replies: 54
    • ☆☆

    If there is already a revaluation reserve in the individual financial statements at end of year should we then add ret earnings and Reval reserves per q fig also ?

    October 23, 2014 at 10:24 am #205554
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    No, better not to.

    If there is already a Revaluation Reserve in the subsidiary as at the date of acquisition (that would be most unusual in an F7 exam question) then for the purposes of fair value adjustments for TNCA and INCA (like brand names) then use the Revaluation Reserve.

    But if there isn’t (it may be technically incorrect, but) put through the fair value adjustments in the retained earnings

    OK?

    October 23, 2014 at 7:51 pm #205695
    rameez13031988
    Participant
    • Topics: 42
    • Replies: 54
    • ☆☆

    K

    October 24, 2014 at 8:17 am #205716
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    You’re welcome

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