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SUBSIDIARY COMPANIES (1AS 27)A subsidiary company is a company in which the investing company (also called holding or parent company) controls the financial and operating policies of the subsidiary company.In most cases, control is evidenced (but not limited) to owning more than 50% of the ordinary share capital of the subsidiary company. Control may also be exercised in the following ways;
The substance of the relationship between holding company and subsidiary company is the effectively, the holding company controlls the subsidiary company. This means that the holding company controll the assets of the subsidiary company and is liable to the debts of the subsidiary company.
Illustration for preparing final accounts K Ltd established a branch in Arusha Tanzania on 1.1.X2, when Kshs 1 = TShs 15. PPE costing Kshs 800,000 were purchased on that day. I
Defunct Companies A company may be dissolved under s.338 without winding up if the registrar has reasonable cause to believe it is defunct: The procedure is: a. Registrar writ
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The key criterion for qualifying as a hedge is that the hedging relationship must be highly effective in achieving offsetting changes in fair values or cash flows based on the hedg
zorn conducted his professional practice through zorn, inc. the corporation uses a fiscal year ending september 30 even though the business purpose test for a fiscal year cannot be
Real Estate Mortgage Investment Conduit (REMIC) - An entity which holds a fixed pool of mortgages and issues multiple classes of interest in itself to investors. A qualified REMIC
Tally & Co. incurred a pretax operating loss of $100,000 in its first year of operations for both financial reporting and income tax purposes. However, it expects to be profitable
explain the purpose and circumstances of using fair values in preparing consolidated financial statements
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