Page 12 - Finac2 Test 1 Slides - 1. Consolidated And Separate Financial Statements

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

Applicable Standards

• IFRS 3

• Business Combinations deals with the accounting treatment and initial

determination of the value attached to the subsidiary being acquired on

the date of acquisition.

• This standard deals with the methods of accounting for business

combinations and their effects on consolidation, including goodwill (or
gain on bargain purchase) arising on a business combination.

• IFRS 10

• Consolidated Financial Statements deals with the consolidation
procedures and accounting treatment after the date of acquisition.

• This standard deals with the preparation and presentation of
consolidated financial statements for a group of entities under the

control of a parent.

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