Consolidated Financial Statements 4

INTRODUCTION The purpose of the consolidated income statement is to present the results of the parent company and the subsidiary as if it were a combined/single entity.   NON-CONTROLLING INTEREST   If there is a Non-Controlling Interest in a subsidiary, Read More …

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Consolidated Financial Statements Notes

INTRODUCTION An entity may expand by acquiring shares in other entities.  Where one entity gains control over another entity, a parent-subsidiary relationship now exists between the two entities.   Each will prepare their own individual financial statements, using the IFRS’s Read More …

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Events After The Reporting Period

OBJECTIVE It is a fundamental principle of accounting that all available information must be considered when preparing financial statements. This must include information on relevant events which occur right up to the date on which the financial statements are authorised Read More …

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INVENTORIES DEFINATION

OBJECTIVE IAS 2 sets out the accounting treatment for inventories.  For many entities, closing inventory can be a highly significant figure and is used in the calculation of profit and also shown as a current asset in the Statement of Read More …

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INTANGIBLE ASSETS NOTES

OBJECTIVE To outline the accounting treatment for intangible assets that are not dealt with specifically in another standard.   EXCLUSIONS IAS 38 does not apply to: Intangible assets that are within the scope of another standard Financial assets, as defined Read More …

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INVESTMENT PROPERTIES NOTES

OBJECTIVE To outline the accounting treatment for investment properties and the disclosure requirements.   EXCLUSIONS The standard does not apply to: Biological assets related to agricultural activity Mineral rights and reserves     DEFINITION Investment property is property (land or Read More …

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