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Prepare consolidated financial statements

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Reference no: EM133018962

Question - BHP Ltd is listed on the Australian Securities Exchange and has a large number of shareholders, each with relatively small parcels of shares. BHP holds shares in one other entity, this being Queensland Ltd. BHP owns 40 per cent of the issued ordinary shares of Queensland Ltd. The remaining 60 per cent of shares in Queensland Ltd are dispersed among a large number of shareholders none of whom has an ownership interest of more than 3 per cent of Queensland Ltd. Each share in Queensland Ltd and BHP Ltd entities the shareholder to one vote at annual general meetings.

Required - Advise BHP Ltd whether it is required to prepare consolidated financial statements. Give reasons for your answer.

Reference no: EM133018962

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