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Does nrl ltd need to prepare consolidate financial statement

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NRL Ltd owns 46% of the ordinary share capital of Broncos Ltd, providing it with the right to receive variable dividends. The other investors in Broncos Ltd comprise a number of small shareholders, none of whom hold more than 7% of votes and who have not entered collective arrangements. Representation at general meetings is historically less than 28% of shareholders.

Problem 1: Does NRL Ltd need to prepare consolidated financial statements which include Broncos Ltd? Justify your response with reference to AASB 10 "Consolidated Financial Statements".

Reference no: EM132672264

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