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Accounts remain in existence indefinitely

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Accounting for assets and liabilities Mensa Ltd has acquired all the shares of Cancer Ltd. The accountant for Mensa Ltd, having studied the requirements of AASB 3 Business Combinations, realises that all the identifiable assets and liabilities of Cancer Ltd must be recognised in the consolidated financial statements at fair value. Although he is happy about the valuation of these items, he is unsure of a number of other matters associated with accounting for these assets and liabilities. He has approached you and asked for your advice.

Required:

Do these equity accounts remain in existence indefinitely, since they do not seem to be related to the equity accounts recognised by Cancer Ltd itself?

Reference no: EM131802706

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