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If there is a revaluation of asset of subsidiary in consolidation..for eg- carrying amount of asset is $8000 and fair value of asset is $12000 and usefull life of asset is 20 years..
Asset of subsidiary at the year end is $60000
Asset of parent at the year end is $180000
What will be the consolidated asset figure?You need to tell me when the asset was revalued with reference to the current year ie was it revalued, say, 3 years ago or at the start of this year?
If depreciation for this year has already been calculated and applied to the $180,000 and the $60,000, then the consolidated assets for the statement of financial position will be:
$180,000 + $60,000 + $4,000 revaluation – $200 (on the $4,000 revaluation) giving a total of $243,800
OK?
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