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Question - Jenny Chan is the accountant for Great Ltd. She is required to construct a set of consolidated financial statements for the group. Jenny is concerned about the calculation of the NCI share of equity, particularly where there are intragroup transactions. The auditors have advised Jenny that when adjustments are made for intragroup transaction the effects of these transactions on the NCI should also be adjusted for.
Jenny reports to Mr Frank Finn, the Chief Financial Officer of the company. He has asked Jenny to report to him on these issues raised by the auditor. In her report, Jenny will need to clarify how the adjustment to NCI is made and why. She has also been asked to explain why she has measured NCI in the subsidiary at fair value and to report on any alternative method that is available.
From the above information, discuss the issues that Jenny must address in her report to Mr Finn. In your discussions please include references to applicable accounting standards and the amounts used in your consolidation workings (at least two examples for each argument are to be provided).
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