Which of the following statements is incorrect?
A) AASB 127 specifies that intragroup balances,transactions,income and expenses shall be eliminated in full
B) a new consolidation is carried out each year,with no adjustments being made in the separate legal accounts of the consolidated group members
C) the purpose of consolidated accounts is to show the operating result and financial position of the economic entity in its dealings with entities outside the group
D) only the parent company's share of the subsidiary needs to be eliminated in relation to intragroup transactions
Correct Answer:
Verified
Q3: A parent company sells some inventory to
Q4: If a non- current asset is sold
Q5: Provide examples of intragroup borrowings and discuss
Q6: When a parent company purchases shares in
Q7: Discuss why it is necessary to make
Q9: Which of the following statements is incorrect?
A)adjustments
Q10: Explain intragroup services and identify why they
Q11: When a final dividend is not legally
Q12: No tax- effect adjustments are necessary in
Q13: Explain the need for consolidation adjustments in
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