Prepare consolidated financial statements

Assignment Help Financial Accounting

Reference no: EM132780396

Questions -

Q1. AMP Limited acquired a 15% interest in Suncorp Pty Ltd on 1 January 2019. On 15 September 2019 it acquired an additional 25% interest, and on 15 March 2020 a further 15%. Under AASB 3/IFRS 3, a business combination occurs on:

1 January 2019

15 September 2019

15 March 2020

all of the above

Q2. Juliet Ltd is a listed public company and has a 60% controlling interest in Marley Pty Ltd. Marley Pty Ltd is the parent of Butterscotch Pty Ltd. In which of the following situations will Marley Pty Ltd not be required to prepare consolidated financial statements?

Marley Pty Ltd would never be required to prepare consolidated financial statements

If the other owners of Marley Pty Ltd have consented to the non-preparation of consolidated financial statements

If Marley Pty Ltd prepares separate financial statements that comply with IFRS.

Where it is likely that there are external users dependant on the information

Q3. The main issue in accounting for foreign currency transactions is

how to translate the financial statements of a foreign operation

how to distinguish between denomination currency or settlement currency

how to treat any foreign exchange differences that arise when assets or liabilities are remeasured at the end of the reporting period using the closing rate

how to record transactions with foreign operations

Reference no: EM132780396

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