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
how to operate distribute amount and section rate also provision party bill

Q. Which of the following statements is not considered a disadvantage of the corporate form of organization? a. Additional taxes b. Government regulations c. Limited liability of s

(a) Define each of the following four concepts. -Master Data Management -Data Quality -Data Governance -Cloud Computing Explain how they relate to the various Busine

You are auditing the accounts receivable balance of a cable television provider. Individual accounts receivables tend to be similar in amount to each other and cover one or two mon

The Business Risk Approach to Auditing In recent years the broader concept of business risk has been developed by the larger firms. It was the subject matter of the ICAEW audit

auditor is a watch dog not a blood hound

Banks Features (a) Profit and loss account: When looking at a bank's profit and loss account the accountant should seek to discover what proportions of the bank's profits

The modern integrated audit approach combines elements of various traditional audit areas having financial, operational, and information technology.

Accounting Treatment Prescribed by IAS 38 IAS 38 prescribes the accounting treatment about to intangible assets, except: a) Intangible assets which are under the scope of a

Q. Corporations generally issue stock dividends in order to a. increase the market price per share. b. exceed stockholders' dividend expectations. c. increase the marketability of