1. As per the group concept, what is a Group? What is the need for Consolidated Financial Statements?

2. What are the requirements to prepare Consolidated Financial Statements? When is group/company exempt from preparing the Consolidated Financial Statements?

3. What is the meaning of Non-Controlling Interest and explain the accounting treatment of NCI in the Consolidated Statements

4. How do you treat unrealized profit in non-current assetstransferred between the companies in the group? Explain the accounting treatment with the journal entries

5. Boat Co acquired 60% of Anchor Co on 1 January 20X4. At the date of acquisition, the carrying amount of Anchor Co's net assets were the same as their fair values, with the exception of an item of machinery which had a carrying amount of $90,000, a fair value of $160,000 and a remaining useful life of five years. Non-controlling interests are valued at fair value. What is the journal entry required to reflect this fair value adjustment in the consolidated statement of financial position of Boat Co as at 31 December 20X6?