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Q1 Zippy, Boo and Ginny SOCI Sept/ Dec 2016

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Q1 Zippy, Boo and Ginny SOCI Sept/ Dec 2016

  • This topic has 2 replies, 2 voices, and was last updated 8 years ago by P2-D2.
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  • May 19, 2017 at 10:32 pm #387073
    littlemiss1
    Member
    • Topics: 3
    • Replies: 11
    • ☆

    Hello Tutor

    Was wondering if you could shed some light on an examination question

    My query relates to Boo, ZIPPY AND GINNY (Q1 2016 Sept/ Dec) (consolidated SOCI)

    I managed to complete the statement and most of the adjustments…

    But when I looked at the answer , the examiner had a weird way of adding up the statement

    In the examiners answer – theyve put each adjustment under the reporting entity , including the whole impairment of goodwill to the subsidiary that it relates to

    The goodwill was calculated using the FV ( full goodwill method) – so I assumed that we split the Impairment between the parent and NCI…. Unless I’ve completely missed something

    However on the foot of the statement in the NCI working , it doesn’t seem to take into account the NCI share of Impairment of goodwill

    The impairment was actually included within the COS for the subsidiary , then the figures were added together with the parents to consolidate the Financial statement

    So on the face of the SOCI, impairment loss has been included and consolidated…

    but then I thought we calculate the NCI share at the foot of the statement and such % of impairment is deducted from the NCI PFY

    Have I missed something ?

    Hope I’ve explained it well enough ..

    May 20, 2017 at 9:26 am #387089
    littlemiss1
    Member
    • Topics: 3
    • Replies: 11
    • ☆

    Actually – I think I’ve got it now x

    No need to answer – all is understood x

    May 20, 2017 at 4:58 pm #387141
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7163
    • ☆☆☆☆☆

    OK, glad you’ve understood it. It looks like you’ve slept on it and it has come to you over night!

    Thanks

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