Corporate

CORPORATE REPORTING PAPER P2: Course Notes Summarized: CHAPTER 1: scatter ACCOUNTING BASIC GROUPS: SYLLABUS: PART D fiscal STATEMENTS OF GROUPS OF ENTITIES: 1. Group Accounting Including Statements of Cashflows: a. Apply the method of accounting for before long letter combinations including complex throng structures: Background to Group Accounts: * A rise is an entity with one or more subsidiaries * A hyponym is an entity (including a partnership) that is controlled by the parent * Control is the power to regularize the financial and in operation(p) policies of an entity so as to obtain benefits from its activities * Non-controlling stake is the equity in a subsidiary non attri aloneable to the parent (previously c alto causehered nonage Interest) * Consoli construed accounts moldiness move out transactions between pigeonholing companies as their inclusion could hyperbolize the assets and profits of individual companies * If all group companies dont move over the same financial year supplant as the parent, then: * Prepare meanwhile financial statements up to the group inform date * Use the about new-fashioned set of the subsidiarys own accounts.

The date for these must be within 3 months before the group reporting date * There are a number of exemptions from integrating and special rules: * An intermediate parent entity (an entity that is a subsidiary of another(prenominal) entity but itself has its subsidiary) is exempt from the requirement to prepare group accounts if: * Its a wholly owned subs idiary * Its partly owned, and the owne! rs of the non-controlling interest do not object to the non-preparation * Such a parent should walk out in: * The fact that the consolidated financial statements have not been presented * A list of significant investments (subsidiaries, associates, etc) including percentage shareholdings * The bases on which the investments listed higher up have been accounted for in its separate financial statements * Special rules: IAS...If you trust to get a full essay, order it on our website: OrderCustomPaper.com

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