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Good afternoon.
Considering group accounts, when filing as a parent or subsidiary, would intra company transactions be removed?
Thanks.
Augustine FarmerThe rules regarding the filing of accounts are not examinable in Paper FA (whether consolidated accounts are required to be filed depends on the situation).
However when preparing consolidated accounts, intra-group transactions and balances are removed. This is all explained in my free lectures on consolidations.
The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.
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