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Problem - Daffy Duck Ltd has acquired, during the current year, the following investments in the shares issued by other companies:
Elmer Ltd $120 000 (40% of issued capital)
Fudd Ltd $117 000 (35% of issued capital)
Daffy Duck Ltd is unsure how to account for these investments and has asked you, as the auditor, for some professional advice. Specifically, Daffy Duck Ltd is concerned that it may need to prepare consolidated financial statements under AASB 10. To help you, the company has provided the following information about the two investee companies:
Elmer Ltd
Fudd Ltd
Required - Explain the requirements of AASB 10 in relation to the determination of control. Advise Daffy Duck Ltd as to whether, under AASB 10, it controls Elmer Ltd and/or Fudd Ltd.
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