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Investment - Audit Process
The investment is held for wealth generation that as interest and dividends on shares and capital growth and loan notice. Recent investments are readily considered and are intended to be held for not much more than one year. Other investments are long term investments.
The investments in associates, subsidiaries and joint ventures utilize special accounting procedures for the preparation of additional financial statements - the group accounts, otherwise identified as consolidated accounts. Like from your earlier studies you must be familiar along with the definitions relating to the group accounts. See an example a broadly, subsidiary is more than 50% under controlled, and a concerned company is one over that an entity has a 'significant influence' as evidenced through at least a 20% on holding. Long term investments can be carried at cost or the lower of cost and revalued amounts market value determined on a portfolio basis decided through the director. The carrying amount of a long term investment must be reduced to identify impairments in price.
Whereas long term investments are carried on market value a consistent policy must be adopted whereof decreases or increases in the carrying amount should either go with the income statement, or through a revaluation account in equity. To the extent such there is no revaluation surplus concerning to a particular asset, other deficit must be charged to income. Whenever assets carried on market value are disposed of the company must adopt a policy of crediting outstanding revaluation surpluses to either retained, or income earnings. Recent investments can be carried on market value or on the lower cost or on market value.
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