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Circumstances under which a subsidiary company can be excluded from consolidation
Consolidated financial statements shall include all subsidiaries of the parentA parent need not present consolidated financial statements if and only if;
1) The parent is itself a wholly owned subsidiary, or is a partially-owned subsidiary of another entity and its other owners, including those not otherwise entitled to vote, have been informed about, and do not object to, the parent not presenting consolidated financial statements.
2) The parent’s debt or equity instruments are not traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local and regional markets).
3) The parent did not file, nor is it in the process of filling, its financial statements with securities commission or other regulatory organization for the purpose of issuing any class of instruments in a public market.
4) The ultimate or any intermediate parent of the parent produces consolidated financial statements available for public use that comply with international financial reporting standards.
Distribution of Assets 1. Proof of debts : If the company is insolvent, the rules in bankruptcy as to provable debts, secured creditors, interests, mutual dealings, annuiti
Illustration of consolidated cashflow statements The voice of the Nation Limited is a Nairobi based media company. Its Consolidated Income Statement for the year ended 30 April
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Question : The subsequent data pertain to a shop. The owner has made following sales forecasts for the first 5 months of the coming year.
HOW TO CALCULTE GOODWILL FOR CONSOLIDATED STATEMENTS
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