So! let’s start from the beginning. Anyone who Analysis of Question has ever taken the DipIFR exam knows that question number one is entirely devoted to the topic of consolidation of financial statements under IFRS . This time it was necessary to prepare a consolidated statement of financial position! which was quite predictable.
Article author: Elena Vakaryuk ! DipIFR-rus teacher at HOCK Training
However! as a rule! the exam presents the reports of three companies – “Alpha” (parent)! “Beta” (subsidiary) and “Gamma” (either subsidiary or associate – as luck would have it). In this December exam! the first shock for the students was that the reports of not three companies were presented! but only TWO – “Alpha” (parent) and “Beta” (subsidiary).
As it turned out later! upon detailed reading of the exam conditions! the company “Gamma” bulk sms austria (associated) did exist! but it was simply written about in text in one of the notes. However! the examiner gave another catch with “Gamma” – the status of this company was not entirely clear! and many of shares? However! there was no way to consolidate “Gamma” during the exam! since the condition did not include its individual reporting. Accordingly! Gamma Company had to be accounted for in the exam as an ordinary associated company using the equity method.
Moreover! the examiner provided information in the notes to the financial statements about another subsidiary! Delta! which the Group disposed of during the reporting period. The topic of disposal of subsidiaries is new to the DipIFR exam and was previously test of purchase and at the date assets in ifrs of disposal! Goodwill for Delta and Non-controlling interest. It was also necessary to think about how exactly Alpha reflected this disposal in its individual reporting! and how to correctly reflect it from the point of view of the Group! and not individual reporting. In general! the students had something to puzzle over.
Fortunately! however! the remaining consolidation
lection of real estate leases in the reporting of the parent company Alfa in accordance sab directory with the new IFRS 16 “Leases” . But the lease adjustments themselves and the calculations that needed to be made were quite simple if you prepared for this topic.
So! in this article we have analyzed question number one from the DPIFR exam session in December 2018. In the following articles we will analyze and review the remaining questions.