AASB 10 Consolidated Financial Statements requires that intragroup transactions be:
A)eliminated on consolidation to the extent of the parent's interest in the subsidiary.
B)eliminated in the books of the parent and subsidiary to the extent of the parent's interest in the subsidiary.
C)eliminated in full in the books of the parent and subsidiary.
D)eliminated in full on consolidation.

Question

Quizplus · Accepted Answer

AASB 10 Consolidated Financial Statements requires that intragroup transactions be eliminated in full on consolidation. This means that all transactions between the parent and subsidiary should be removed from the consolidated financial statements, regardless of the parent's interest in the subsidiary.

AASB 10 Consolidated Financial Statements Requires That Intragroup Transactions Be