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Query, parent company and subsidiary

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Query, parent company and subsidiary

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by Kim Smith.
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  • November 19, 2018 at 9:19 am #485106
    jihun lee
    Member
    • Topics: 117
    • Replies: 51
    • ☆☆

    If subsidiary uses local accounting srandards and group uses IFRS or IAS, then when all parent and subsidiary companies are consolidated, what do group auditor do when they confront problems ?

    November 19, 2018 at 10:20 am #485216
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8304
    • ☆☆☆☆☆

    You should know from FR(F7) that consolidated financial statements must be prepared using uniform accounting policies, so if a subsidiary uses accounting policies other than those adopted in the consolidated financial statements, management must make appropriate adjustments on consolidation. The auditor would then audit the adjustment(s).

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