ACT B407F Advanced Financial Reporting and Analysis 1 2022 Autumn - Assignment Question Case P Group is formed by P Ltd, 51 Ltd, and 52 Ltd. The current separate financial statements of P Ltd, 51 Information regarding the acquisition of 51 Ltd and 52 ttd are as follows: The fair value of identifiable net assets of 51 Ltd and 52 Ltd were close to book value at both date of acquisition, except for a fixed asset of 52 Ltd. The book value and fair value of the fived asset were $600,000 and $700,000, respectively, as at 1 January 200, and were $500,000 and $800,000, respectively, as at 1 January 20x1. The estimated useful life of the fixed asset was 5 years at 1 . lanuary 201 with no residual value. Question (100 marks) There is a single question for this assignment. You are given a case (in a separate fie) about a group of companies with complex ownership structure. You need to complete FOUR required tasks based on the case given. The tasks are: 1. Analyze the group structure by discussing oontrol and NCl. (25 marks) 2. Describe and contrast the different approaches to consolidate indirect hoidings. (25 marks) 3. Prepare consolidation journal entries, (20 marks) 4. Prepare consolidated statement of profit or loss and consolidated statement of financial position for the group. ( 30 marks) You should consult the case document given to you separately for the details of the question and the requirements. ACT B407F Advanced Financial Reporting and Analysis 1 2022 Autumn - Assignment Question Case P Group is formed by P Ltd, 51 Ltd, and 52 Ltd. The current separate financial statements of P Ltd, 51 Information regarding the acquisition of 51 Ltd and 52 ttd are as follows: The fair value of identifiable net assets of 51 Ltd and 52 Ltd were close to book value at both date of acquisition, except for a fixed asset of 52 Ltd. The book value and fair value of the fived asset were $600,000 and $700,000, respectively, as at 1 January 200, and were $500,000 and $800,000, respectively, as at 1 January 20x1. The estimated useful life of the fixed asset was 5 years at 1 . lanuary 201 with no residual value. Question (100 marks) There is a single question for this assignment. You are given a case (in a separate fie) about a group of companies with complex ownership structure. You need to complete FOUR required tasks based on the case given. The tasks are: 1. Analyze the group structure by discussing oontrol and NCl. (25 marks) 2. Describe and contrast the different approaches to consolidate indirect hoidings. (25 marks) 3. Prepare consolidation journal entries, (20 marks) 4. Prepare consolidated statement of profit or loss and consolidated statement of financial position for the group. ( 30 marks) You should consult the case document given to you separately for the details of the question and the requirements
