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Subsidiary company exclusion features
1) The standard does not require consolidation of a subsidiary acquired when there is evidence that the control is intended to be temporary. However there must be evidence that the subsidiary is acquired with the intention to dispose of it within twelve months and that management is actively seeking a buyer. When a subsidiary previously excluded from consolidated is not disposed of within twelve months it must be consolidated as from the date of acquisition unless narrowly specified circumstances apply.
2) An entity is not permitted to exclude from consolidated an entity it continues to control simply because that entity is operating under severe long-term restrictions that significantly impair its ability to transfer funds to the parent. Control must be lost for exclusion to occur.
3) A subsidiary is not excluded from consolidated simply because the investor is a venture capital organization, mutual fund, unit trust or similar entity.
4) A subsidiary is not excluded from consolidated because its business activities are dissimilar from those of the other entities within the group. Relevant information is provided by consolidating such subsidiaries and disclosing additional information in the consolidated financial statements about the different business activities of subsidiaries. For example, the disclosure required by IAS 14 (segment reporting) help to explain the significance of different business activities within the group.
Journal Entries for Dissolutions The following journal entries are relevant for the purpose of recording all dissolutions: 1) DR. Revaluation account CR. Asset account
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What is the function of balance sheet
#The ABC Organization Unadjusted Trial Balance As of 31 December 2012 Account Codes Dr Cr Cash 10,789 Furniture and fixtures 60,000 Supplies inventory 8,531 Pledged contributions r
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The Wanless Corporation provides Internet consulting services to a wide-range of customers. The company's fiscal year ends on December 31. For the year ended December 31, 2011, the
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