• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Ask AI
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

June 2025 ACCA Exams

How was your exam? Comments & Instant poll >>

20% off ACCA & CIMA Books

OpenTuition recommends the new interactive BPP books for September 2025 exams.
Get your discount code >>

URP

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › URP

  • This topic has 4 replies, 2 voices, and was last updated 4 years ago by John Moffat.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • February 9, 2021 at 1:28 pm #609833
    applessauce
    Member
    • Topics: 85
    • Replies: 65
    • ☆☆

    Sir if URP is not recorded if parent is seller in income statement for NCI
    ….Would it then be recorded in balance sheet for either retained earnings and NCI when parent is seller?

    February 9, 2021 at 2:44 pm #609849
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54681
    • ☆☆☆☆☆

    You are using very old terminology. The correct names for the financial statements (and the names that will be used in the exam) are the Statement of Profit and Loss, and the Statement of Financial Position. The fact that you are using the old names suggests that you are using old books. It is essential that you are using an up-to-date Revision Kit from one of the ACCA Approved Publishers.

    If the parent originally sold the inventory to the subsidiary, then the PURP does not affect the NCI at all. In the consolidated SOFP it reduces the retained earnings of the parent and the value of the inventory.

    February 9, 2021 at 4:23 pm #609855
    applessauce
    Member
    • Topics: 85
    • Replies: 65
    • ☆☆

    But if the subsidiary sold the inventory to parent then it would affect both retained earnings and NCI right sir??

    February 10, 2021 at 6:29 am #609879
    applessauce
    Member
    • Topics: 85
    • Replies: 65
    • ☆☆

    Sir the previous reply is supposed to be deleted and this is what I was meant to ask

    Sir would the non-controlling interest also be recorded in the SOFP???

    February 10, 2021 at 10:46 am #609908
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54681
    • ☆☆☆☆☆

    Yes – the NCI always appears on the consolidated SOFP 🙂

  • Author
    Posts
Viewing 5 posts - 1 through 5 (of 5 total)
  • The topic ‘URP’ is closed to new replies.

Primary Sidebar

Donate
If you have benefited from our materials, please donate

ACCA News:

ACCA My Exam Performance for non-variant

Applied Skills exams is available NOW

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

ACCA CBE 2025 Exams

How was your exam, and what was the exam result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Donate

If you have benefited from OpenTuition please donate.

PQ Magazine

Latest Comments

  • John Moffat on The financial management environment – ACCA Financial Management (FM)
  • Lekhanaa on IASB Conceptual Framework – Introduction – ACCA Financial Reporting (FR)
  • wZaidhan on Sources of Finance – Islamic Finance – ACCA Financial Management (FM)
  • manahylilyas on The financial management environment – ACCA Financial Management (FM)
  • poojam on Objective of financial reporting – ACCA Financial Reporting (FR)

Copyright © 2025 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in