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FAC2602 Learning Unit 5 2022.
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FAC2602 Learning Unit 5 2022. The following represent the abridged financial statements of X Ltd and its subsidiary, Y Ltd: STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 20.9 X Ltd Y Ltd R R ASSETS Property, plant and equipment Investment in Y Ltd – 30 000 ordinary shares at fair val...

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  • September 4, 2022
  • 21
  • 2022/2023
  • Other
  • Unknown

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  • fac2602
  • fac2602 learning unit 5
  • fac2602 selected accounting standards and simple group structures
  • selected accounting standards and simple group structures
  • fac2602 learning unit 5 2022

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FAC2602
Learning
Unit 5 2022.

, FAC2602




Open Rubric

, LEARNING OUTCOME
You should be able to consolidate the financial statements of a group of companies if
the interest in the partly owned subsidiary was acquired a few years ago in accordance
with International Financial Reporting Standards.




OVERVIEW


5.1 INTRODUCTION ................................................................................................ 2
5.2 CONSOLIDATION OF A PARTLY OWNED SUBSIDIARY AFTER THE DATE
OF ACQUISITION .............................................................................................. 2
5.3 INTRAGROUP TRANSACTIONS ....................................................................... 8
5.4 EXERCISES ....................................................................................................... 8
SELF-ASSESSMENT .................................................................................................... 19



KEY CONCEPTS
• Treatment of post-acquisition profits
• Allocation to non-controlling interests
• Intragroup transactions
• Pro forma consolidation entries
• Treatment of goodwill after acquisition




ASSESSMENT CRITERIA
After studying this learning unit, you should be able to:
• draft the consolidated annual financial statements of a parent and
its partly owned subsidiary after the date of acquisition in
accordance with IFRS
• eliminate intragroup items and common items
• do the pro forma consolidation journal entries
• calculate, measure and disclose the goodwill that arises at
acquisition


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