Search found 6 matches

by Michael
18 Jul 2022, 14:10
Forum: IFRS-related topics
Topic: Group Accounts & Long Term Investments
Replies: 15
Views: 6695

Re: Group Accounts & Long Term Investments

Thanks Marek, yes that does seem a more straightforward basis to use.
by Michael
18 Jul 2022, 12:53
Forum: IFRS-related topics
Topic: Group Accounts & Long Term Investments
Replies: 15
Views: 6695

Re: Group Accounts & Long Term Investments

I have reached the following 'conceptual' reasons to substantiate the removal of FVOCI movements since acquisition. This is only my opinion, but hope it is useful. 1. Group accounts need to be prepared using the single economic entity concept. 2. Unearned revenue based on future performance expectat...
by Michael
05 Jul 2022, 14:28
Forum: IFRS-related topics
Topic: Group Accounts & Long Term Investments
Replies: 15
Views: 6695

Re: Group Accounts & Long Term Investments

Thanks both. Yes, to clarify, the question is focussed on the group accounts. I still thought there would need to be an entry against 'Long Term Investments' to write out the consideration transferred at the acquisition date. To cancel the parent's investment in the company against the company’s pre...
by Michael
05 Jul 2022, 10:43
Forum: IFRS-related topics
Topic: Group Accounts & Long Term Investments
Replies: 15
Views: 6695

Re: Group Accounts & Long Term Investments

Thanks for your advice, it is helpful. Yes, this is for the group accounts of the parent and FVOCI is used following the one-off election. If possible, I am hoping to formalise an accounting policy on the removal of long term investment value on consolidation with reference to particular standards o...
by Michael
05 Jul 2022, 10:07
Forum: IFRS-related topics
Topic: Group Accounts & Long Term Investments
Replies: 15
Views: 6695

Re: Group Accounts & Long Term Investments

This is for company interests that need to be consolidated into the group because the parent has control or significant influence.
by Michael
04 Jul 2022, 15:32
Forum: IFRS-related topics
Topic: Group Accounts & Long Term Investments
Replies: 15
Views: 6695

Group Accounts & Long Term Investments

At the acquisition date IFRS 3 and IAS 28 state that company interests should be recognised at cost, writing out the long term investment value on consolidation. Where the single entity accounts measure company interests at fair value through other comprehensive income (FVOCI), the value of long ter...