Ias 27 - audit process, Auditing

IAS 27 - Audit Process

IAS 27 applies to the presentation and preparation of consolidated financial statements for a group of entities within the control of a parent. It as well applies to accounting for investments in associates and subsidiaries, and jointly controlled entities in the separate financial statements of a parent.

Summary of IAS 27    

A parent presents consolidated financial statements whether it consolidates its investment in subsidiaries as those entities such it controls; unless certain situation is met allowing it not to organize consolidated financial statements. The financial statements that are consolidated are prepared through uniform accounting policies. The reporting date of the parent and the subsidiaries of it shall not be much more than 3 months apart.

Whenever separate financial statements are ready, investment in subsidiaries, and associates and jointly controlled entities should be accounted for either on cost or in accordance along with IAS 39. The same accounting should be applied for each group of investments. IAS 27 identifies disclosures to be made in consolidated and divide financial statements.

Posted Date: 1/28/2013 5:10:46 AM | Location : United States







Related Discussions:- Ias 27 - audit process, Assignment Help, Ask Question on Ias 27 - audit process, Get Answer, Expert's Help, Ias 27 - audit process Discussions

Write discussion on Ias 27 - audit process
Your posts are moderated
Related Questions
Types of audits As far we have tended to think in state of the audit of limited companies, and certainly, the emphasis during this text will be on that companies incorporated

What fundamental accounting concepts must you keep in mind in preparing to carry out your audit? Accounting Concept and Records Fundamental Accounting concepts are cove

Co-operative Societies and Parastatals Co-operative Societies An audit in this case is carried out as a general audit except you should notice that the auditor is appoi

Non-statutory Audits The non-statutory audits are performed through independent auditors sicne the owners, proprietors, trustees, members  and governing and professional bodie

Importance of Related Party Transactions Whenever the existence of about transactions and parties among such parties are considered ordinary features of business, the auditor

Long Term Contracts - Audit Process The authoritative document with reference to long term contracts is IAS 11: Construction Contracts and IAS 18: Revenue Recognition, and ISA

(a) State the FIVE threats contained within Auditor's Code of Ethics and Conduct and for each threat list ONE example of a circumstance that may create the threat. (b) You a

Valuation and Allocation - Audit Process As we saw assets are usually valued at cost or a valuation less a provision for usage or loss of value.  We have to ensure therefore t

(i) Overview of the audit process (a) Identify the key steps in this framework/ concept. (b) Briefly explain each of the key steps, in your own words. (ii) Framework of cr

Develop an audit program to identify and reduce potential fraud using ACL.