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IFRS 10 Consolidated Financial Statements outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls.
Control requires exposure or rights to variable returns and the ability to affect those returns through power over an investee.
[IFRS 10:1] The Standard: [IFRS 10:1] An investor controls an investee when the investor is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee * Added by Investment Entities amendments, effective 1 January 2014.
According to GAAP (Generally Accepted Accounting Principles), parent companies must prepare consolidated financial statements to report on the financial well-being of both the parent company and all its subsidiaries.
Estimate group holdings and establish each entity’s status in the question. Ascertain the fair value of acquired assets and calculate net assets of the subsidiary.
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After their acquisitions, these smaller companies, or subsidiaries, may have remained legally separate from the large corporation, or parent company.The F1 syllabus specifies that you should be able to prepare a consolidated statement of financial position and a consolidated statement of comprehensive income for a group in relatively straightforward circumstances.