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Forensic Accounting

Consolidation of subsidiary accounts


What is the approach to be followed when different subsidiaries have different accounting policies?

asked Mar 17, 2013 in IFRS 10 - Consolidated Financial Statements by Sephia Mag Level 2 Member (2,800 points)
retagged Apr 23, 2013 by Mysio

1 Answer

0 votes
IFRS 10.19 "parent shall prepare consolidated financial statements using uniform accounting policies for like transactions and other events in similar circumstances"

However in practice, you need to adjust the subsidiary accounts to reflect the policies of the parent for the similar transactions and events.
answered Feb 14, 2014 by Mysio Level 5 Member (20,610 points)



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