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12-Jan-2020 07:58

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Thus, company A has earned some revenue from selling, but the group as a whole didn't make any profit out of that transaction.

Until those goods are sold to an outsider company, the group has unrealised profit.

Proforma for calculating goodwill is as follows : Goodwill Fair value of consideration transferred Plus fair value of non-controlled interest at acquisition Less ordinary share capital of subsidiary company Less share premium of subsidiary company Less retained earnings of subsidiary company at acquisition date Less fair value adjustments at acquisition date If the parent company does not buy 100% of shares of the subsidiary company, there is a proportion of the net assets that is owned by the external company.

This proportion that is related to outside investors is called the non-controlling interest (NCI).

For instance, the remuneration of the decision-maker is considered in determining whether it is an agent.

[IFRS 10: B58, IFRS 10: B60] Preparation of consolidated financial statements A parent prepares consolidated financial statements using uniform accounting policies for like transactions and other events in similar circumstances.

Control requires exposure or rights to variable returns and the ability to affect those returns through power over an investee.

[IFRS ] A reporting entity attributes the profit or loss and each component of other comprehensive income to the owners of the parent and to the non-controlling interests.

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