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i. The parent company is itself a wholly owned subsidiary or is a partially owned subsidiary of other entity and its owned ,including those not otherwise entitled to vote have been informed about and do not object to the parent presenting consolidated
statements .
ii. The parent company’s debt or equity instrument are not traded in a public market.
iii. The parent company did not file nor is it in the process of filing its financial statements with a securities commission or other regulatory organization for the purpose of issuing any class of instruments in a public market
iv. The ultimate or any intermediate parent produces consolidated financial statements available for public use that comply with IFRSs.
Wilfykil answered the question on February 12, 2019 at 09:06
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Differentiate between full consolidation and equity method of accounting for subsidiaries and associate companies
Date posted: February 12, 2019. Answers (1)
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Date posted: February 12, 2019. Answers (1)
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Date posted: February 12, 2019. Answers (1)
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Date posted: February 12, 2019. Answers (1)
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Date posted: February 12, 2019. Answers (1)
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Date posted: February 11, 2019. Answers (1)
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Date posted: February 11, 2019. Answers (1)
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Date posted: February 11, 2019. Answers (1)
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Date posted: February 11, 2019. Answers (1)
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Date posted: February 11, 2019. Answers (1)
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(a) The cost of the inventories at the branch and the head office
(b) The trading profit and loss account for the year ended 31 March...(Solved)
Joshua set up a business on 1 April 2000 in Nairobi with a branch in Mombasa. Purchases are made exclusively by Nairobi office where goods are weighed and packed before sale. The branch handles packed goods only from Nairobi and these are charged thereto at packed cost plus 10%. All sales by both branches are at a uniform gross profit of 25% on the packed cost.
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Date posted: February 11, 2019. Answers (1)
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Date posted: February 11, 2019. Answers (1)
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Date posted: February 11, 2019. Answers (1)
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(a) Head office and Branch profit and loss accounts for the year ended 31 December 2003.
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Date posted: February 11, 2019. Answers (1)
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The trial balances extracted from the books o both the head office and the Kampala branch
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Date posted: February 11, 2019. Answers (1)
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Impact Triangle ltd is a manufacturer of industrial ethanol. The head office of the company is in Mumias Kenya. The company has two other branches; one in Nairobi, Kenya and a foreign branch in Kampala Uganda. The reporting currency of the Kenya Branches is in Kenya shillings(Ksh) while the reporting currency of the Kampala branch is the Uganda Shilling(Ush)
The Nairobi and Kampala branches mainly deal with goods sent from Mumias branch. The goods are transferred from Mumias branch at a mark-up of 25% on cost to Nairobi and a margin of 25% to Kampala
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Date posted: February 11, 2019. Answers (1)
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(i) Define the term “exchange difference”
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With reference to International Accounting Standards(IAS)21 The effects of changes in foreign Exchange rates:
(i) Define the term “exchange difference”
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Date posted: February 11, 2019. Answers (1)
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Date posted: February 11, 2019. Answers (1)