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
The most effective means for an AUDITOR to confirm his understanding how internal control over financial reporting is designed and operates to test and evaluate its effectiveness.

The modern approach allows one audit of an auditable entity with one comprehensive report. One additional advantage is that this approach assists in staff development and retention

Case Study: Hide-It (HI), a family-owned business based in Tombstone, Arizona builds custom homes with special features, such as hidden rooms and hidden wall safes. Hide-It has

What is business risk and what controls should organizations have in place?  Business Risk and Controls Business or operational risks related to the activities carried out

1. Demonstrate knowledge of the current tax, auditing and accounting issues that concern governmental and not-for-profit entities 2. Explain the difference between various funds (

Q. What do you understand by Yellow Book? Yellow Book - Written by GENERAL ACCOUNTABILITY OFFICE, yellow book sets forth standards to be followed in auditing FINANCIAL STATEMEN

Ask quesThe following situations involve a possible violation of the MIA ByLaws (on professional ethics, conduct and practice). For each situation, (1) decide whether or not the Co

Banks The Authoritative documents are: The Central Bank of Kenya Act, The Companies Act Cap 486. IAS 30 Disclosure in the Financial statements of Banks and Similar

Q. What is Transferred Basis? Transferred Basis - A transferred basis is the foundation of property in the hands of a transferor, donor or GRANTOR. In this sense a prior owner'

Kelley Brent, CA, is a partner in a one-office CA firm that audits Dane, Inc., a closely held corporation. Kelley''''s sister was recently appointed as the chief financial officer