PAS 27 - PAS 27 CONSOLIDATED AND SEPARATE CONSOLIDATED...

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Chapter 10 CONSOLIDATED AND SEPARATE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FINANCIAL STATEMENTS P A S P A S 27 27
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MODULE OBJECTIVES Understand when to prepare consolidated financial statements Understand the exemptions for consolidation Understand the accounting procedures for the consolidation of financial statements Understand how investments are accounted for in the separate financial statements Identify the disclosure requirements in the consolidated financial statements and in the separate financial statements.
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SCOPE Applied in the preparation and presentation of consolidated financial statements for a group of entities under the control of a parent. Applied in accounting for investments in subsidiaries, jointly controlled entities, and associate when an entity elects, or is required by local regulations to present separate financial statements.
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DEFINITION OF KEY TERMS Consolidated financial statements – FS of a group presented as those of a single economic entity. Control is the power to govern the financial operating policies of an entity so as to obtain benefits from its activities. A group is a parent and all its subsidiaries. A parent is an entity that has one or more subsidiaries. A subsidiary is an entity, including an unincorporated entity that is controlled by another (parent).
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DEFINITION OF KEY TERMS Separate financial statements are those presented by a parent, investor in an associate or a venturer in a jointly controlled entity, in which the investments are accounted for on the basis of the direct equity interest rather than on the basis of the reported results and net assets of the investee.
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REQUIREMENT TO CONSOLIDATE Unless falling under the exemptions enumerated in the next slide, a parent shall present consolidated financial statements in accordance with PAS 27.
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EXEMPTIONS FROM ISSUANCE OF  EXEMPTIONS FROM ISSUANCE OF  CONSOLIDATED FS. CONSOLIDATED FS.
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PAS 27 - PAS 27 CONSOLIDATED AND SEPARATE CONSOLIDATED...

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