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Fair value adjustmentIFRS 3 requires that goodwill on consolidation should be based on the fair values of the net assets of the subsidiary company on the date of acquisition.This means that the subsidiary company should revalue its assets on the date of acquisition.But unfortunately no revaluation may have been done. For the purpose of consolidation, it is important to determine what should have been the revaluation gain or loss if an asset is revalued. In most cases we revalue non current assets such as Property, plan nd equipment, intangible assets and long term investments. If there is a revaluation gain on any of the assets then the following entry will be made:a) To record the revaluation gain
DR. Group PPE/intangible assets/Longterm investments (with the full revaluation gain) CR. Cost of control (with holding company share of revaluation gain) CR. M.I (with M.I’s share of the revaluation gain)For assets that are meant to be depreciated or amortized, (PPE and Intangibles), the total depreciation or amortization that should be charged to date should be estimated and provided for .b) Compute the additional depreciation that should have been provided to date had the subsidiaries assets been revalued and record the amount as follows;
DR. Group retained profits (with holding company share of additional depreciation)DR. M.I (with M.I’s share of additional depreciation) CR. Group PPE/Intangible assets (with the full additional depreciation)
Let us assume you expect to obtain Rs.2000 yearly for the next three years. The receipt of Rs.2000 is evenly divided. One part that is: Rs.1000 is obtained at the beginning of the
what is the different between prorfit and margin prorfi
Basics of Sundry Matters Current accounts balances must always be equal and opposite. The head office current account in the branch books should always have a credit bal
Steps in preparing the consolidated balance sheet Step 1 : Prepare the 3 important accounts i.e. cost of control to determine goodwill Group retained profits Mino
AsIDENTIFY THE MAIN PROVISIONS OF THE PARTNERSHIP ACT k question #Minimum 100 words accepted#
Part A: The following information relates to Company A's defined benefit pension plan during the current fiscal year: Plan assets (beginning of the year) $400 (all number are in $m
Equation illustrates the relationship in between PVA n , A, K and n. So manipulating this a bit: We find that A = PVA n [(k (1 + k) n )/((1 +k) n - 1)] [(k (1 + k) n )/(
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National Association of State Boards of Accountancy - serves as a forum for 54 State Boards of Accountancy, that administer the uniform CPA examination, license Certified Public Ac
Cleary, Wasser, and Nolan formed a partnership on January 1, 2010, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) in
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