What is the purpose of consolidation adjustments?
A) they are required at year end to adjust for goods or cash which are in transit between entities in the group after the consolidation date
B) they are required at year end to deal with the fact that the subsidiary is operating in a different currency to the parent.
C) they are required at year end to adjust for goods or cash which are in transit between entities in the group before the consolidation date
D) they are required at the year end to allow for the fact that the value of assets in transit has changed due to inflation
Correct Answer:
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Q1: With respect to the holding entities statement
Q2: Which of these describes the correct order
Q4: Only the parent share of the reserves
Q5: Preparing consolidated financial statements is the responsibility
Q6: IFRS 10 requires consolidated financial statements using
Q7: The consolidation adjustment assumes that we account
Q8: Which of these would not be a
Q9: IFRS 8 introduces the concept of de
Q10: How are accounts involving more than one
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