Applying International Financial Credit reporting Standards 3e
Yeny Lukito and Emma Sherlock holmes
David Wiley & Sons Down under, Ltd 2013
Loan consolidation: Controlled Agencies
Learning Target 23. you Explain the meaning of consolidated financial assertions
Learning Aim 23. two Discuss this is and using the qualifying criterion of control
Learning Target 23. 3 Discuss which usually entities should prepare consolidated financial transactions
Learning Target 23. four Understand the romance between a parent or guardian and an acquirer within a business blend
Learning Target 23. your five Explain the differences in disclosure requirements among single choices and consolidated entities.
1 . The entity that is certainly represented by a single set of consolidated monetary statements known as the consolidated monetary report, is definitely: Learning Goal 23. 1 Explain this is of consolidated financial statements. *a. an economic entity;
w. a parent organization;
c. an auxilliary brand entity;
d. a alliance.
2 . The moment one organization controls the business operations of another business, the business combo results in this type of relationship: Learning Objective 23. 1 Explain this is of consolidated financial claims. *a. parent-subsidiary;
c. a merger;
three or more. For the purposes of consolidated economical reporting, a bunch is: Learning Objective twenty-three. 1 Make clear the meaning of consolidated financial statements. a. an entity that has not any subsidiaries;
*b. a parent entity and all the subsidiaries;
c. an enterprise that has one or more subsidiaries;
d. a subsidiary business of another entity.
some. IFRS 12 Consolidated Economical Statements, identifies a вЂparent' and a вЂsubsidiary' because: Learning Target 23. you Explain the meaning of consolidated financial statements.
An entity which usually owns more than 50% from the voting shares of an additional entity. A great entity through which another business owns much more than 50% in the voting shares. b.
An entity which will owns much more than 20% in the voting stocks of another entity. An entity which is owned partly by an additional entity.
An organization that has a number of subsidiaries.
An entity which is controlled by a parent entity.
An entity that controls one other entity.
An entity which is controlled by simply another entity.
5. Just one set of economic statements, that combines the separate sets of financial assertions for a number of agencies, which are been able as a sole economic organization, is known as: Learning Objective 23. 1 Describe the meaning of consolidated economical statements. a. a succinct financial survey;
b. a condensed financial report;
c. new entity financial transactions;
*d. consolidated financial transactions.
6. The process of preparing the combined monetary statements of your group of choices is known as: Learning Objective twenty-three. 1 Clarify the meaning of consolidated economical statements. a. accrual accounting;
*d. loan consolidation.
7. A grouping of entities comprised of A Limited (parent entity), M Limited (subsidiary entity) and C Limited (subsidiary entity) have the subsequent Accounts Receivable balances:
A Limited $12 1000
B Limited $15 000
C Limited $10 500
The consolidated financial transactions show the next amount while the consolidated Accounts Receivable balance: Learning Objective 23. 1 Explain the meaning of consolidated economic statements. a. $12 1000;
b. $13 000;
c. $25 000;
*d. $37 000.
almost 8. The process of aggregating individual pieces of financial transactions to produce consolidated financial statements requires: Learning Objective 23. 1 Describe the meaning of consolidated economic statements. *a. that simply no adjustments end up being entered into the ledger accounts of choices in the group; b....