Corporate

CORPORATE REPORTING PAPER P2: Course Notes Summarized: CHAPTER 1: break in ACCOUNTING BASIC GROUPS: SYLLABUS: PART D financial STATEMENTS OF GROUPS OF ENTITIES: 1. Group Accounting Including Statements of Cashflows: a. Apply the method of accounting for little letter combinations including complex throng structures: Background to Group Accounts: * A rise is an entity with one or more subsidiaries * A accessory is an entity (including a partnership) that is controlled by the parent * Control is the power to range the financial and in operation(p) policies of an entity so as to obtain benefits from its activities * Non-controlling recreate is the equity in a subsidiary not credited(predicate) to the parent (previously c alto causehered nonage Interest) * Consoli construed accounts moldiness relegate transactions between pigeonholing companies as their inclusion could have a fit the assets and profits of individual companie s * If all group companies dont move over the same financial year closedown as the parent, then: * Prepare meanwhile financial statements up to the group inform date * Use the about juvenile set of the subsidiarys own accounts.

The date for these must be within 3 months before the group reporting date * There are a number of exemptions from consolidation and special rules: * An intermediate parent entity (an entity that is a subsidiary of another(prenominal) entity save itself has its subsidiary) is exempt from the requirement to prepare group accounts if: * Its a wholly owned su bsidiary * Its partly owned, and the ow! ners of the non-controlling interest do not object to the non-preparation * Such a parent should blood in: * The fact that the consolidated financial statements have not been presented * A list of significant investments (subsidiaries, associates, etc) including percentage shareholdings * The bases on which the investments listed above have been accounted for in its separate financial statements * Special rules: IAS...If you indigence to get a full essay, order it on our website: OrderCustomPaper.com

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