Notes:

Peter is a public listed company that acquired the following investments:

1. Investment in Sandra. On April 1, 2018, Peter acquired 116 million shares in Sandra for an immediate cash payment of $210 million and issued at par one 10% $100 loan note for every 200 shares acquired. Sandras retained earnings at the date of acquisition were $120 million.

2. Investment in Anthony On October 1, 2019, Peter acquired 30 million shares in Anthony in exchange for 75 million of its own shares. The stock market value of Peters shares at the date of this share exchange was $1.60 each. Peter has not yet recorded the investment in Anthony.

3. Peters other investments, and those of Sandra, are available-for-sale investments which are carried at their fair values as at March 31, 2019. The fair value of these investments on March 31, 2020, is $82 million and $37 million respectively.

Other relevant information:

4. Peters policy is to value non-controlling interest at their values. The directors of Peter assessed the fair value of the non-controlling interest in Sandra at the date of acquisition to be $65 million.

5. There has been no impairment to goodwill or the value of the investment in Anthony. At the date of acquisition Sandra owned a recently built property that was carried at its (depreciated) construction cost of $62 million. The fair value of this property at the date of acquisition was $82 million and it had an estimated remaining life of 20 years. For many years Sandra has been selling some of its products under the brand name of San. At the date of acquisition, the directors of Peter valued this brand at $25 million with a remaining life of 10 years. The brand is not included in Sandras statement of financial position. The fair value of all other identifiable assets and liabilities of Sandra were equal to their carrying values at the date of its acquisition.

6. The inventory of Sandra on March 31, 2020, includes goods supplied by Peter for $56 million (at selling price from Peter) Peter adds a markup of 40% on cost when selling goods to Sandra. There are no intro group receivables or payables on March 31, 2020.

7. Anthonys profit is subject to seasonal variations. Its profit for the year ended March 31, 2020, was $100 million. $20 million of this profit was made from April 1. 2018 to September 30, 2019.

8. None of the companies have paid any dividends for many years.

Required:

Prepare the consolidated statement of financial position of the Peter Group as at March 31, 2020 in accordance with IAS 1

PLEASE SHOW YOUR WORKINGS

Below are the summarized statements of financial position for three companies as at March 31, 2020 Peter $m Sandra $m Anthony $m Assets Non-current assets Property, plant & equipment Investments 520 345 865 280 40 320 240 Nil 240 142 95 8 160 88 22 120 50 10 245 1,110 270 590 180 420 Current assets Inventory Trade receivables Cash and bank Total assets Equity and liabilities Equity shares of $1 each Share premium Retained earnings Non-current assets 10% loan notes Current liabilities Total equity and liabilities 500 100 100 130 Nil 260 145 Nil 260 240 230 240 180 200 1,110 20 165 590 Nil 80 420