Estás en modo de exploración. debe iniciar sesión para usar MEMORY

level: Consolidated Statement of Financial Position

Questions and Answers List

level questions: Consolidated Statement of Financial Position

Question	Answer
How is cost of sales calculated for the consolidated statement of financial position?	P's balance + S's balance - Intra-group cost of sales + (Profit from intra-group transaction inventory held)
How is NCI for the new period calculated for the SFP?	Fair Value of NCI + X% of Post-Acquisition profits
When calculating consolidated retained earnings, what adjustment may be required?	An adjustment for unrealised profit from intra-group transactions. This will need deducting.
What is the first standard working required in preparing a consolidated statement of financial position?	Establish the group structure.
What is the second standard working required in preparing a consolidated statement of financial position?	What the net assets of the subsidiary are.
What is the third standard working required in preparing a consolidated statement of financial position?	Goodwill
What is the fourth standard working required in preparing a consolidated statement of financial position?	Non-controlling interest
What is the fifth standard working required in preparing a consolidated statement of financial position?	Group Retained Earnings
How is the non-controlling interest calculated?	RE Fair Value + (NCI share % x (Preaquisition RE - post-aquisition RE))
What do the net assets of the subsidiary include?	The equity share capital, share premium, revaluation surplus, and retained earnings.
What is Fair Value?	"The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date." IFRS 13, para 9