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Oscar acquired 2 5 % of Tigger on 1 January 2 0 2 0 for GHS 2 , 0 2 0 , 0 0 0
Oscar acquired of Tigger on January for GHS when Tigger's reserves were standing at GHS The fair value of Tigger's identifiable assets and liabilities at that date was GHS Both Oscar and Tigger are stock market listed entities.At December the fair value of Oscar's stake in Tigger was GHS A further stake in Tigger was acquired on September for GHSequivalent to the fair value of GHS per share acquired on that date giving Oscar control over Tigger. The fair value of Tigger's identifiable assets and liabilities at that date was GHS and Tigger's reserves stood at GHSFor consistency with the measurement of other shares, Oscar holds all investments in subsidiaries and associates at fair value through other comprehensive income in its separate financial statements as permitted by IFRS Consolidated financial statements. At December the fair value of Oscar's holding in Tigger was GHSand total cumulative gains recognised in other comprehensive income in Oscar's separate financial statements amounted to GHSSummarised statements of financial position of the two companies at December show:Noncurrent assetsProperty, plant and equipment Investment in equity instrument TiggerCurrent assetsEquityShare capital GHS shares ReservesLiabilitiesOscar TiggerGHS' GHSSUMMARISED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR TO DECEMBER Profit before interest and taxFinance costsProfit before taxIncome tax expensePROFIT FOR THE YEAROther comprehensive income items that will not be reclassified to profitor loss:Gain on property valuation, net of taxInvestment in equity instrument TiggerOther comprehensive income for the year, net of tax TOTAL COMPREHENSIVE INCOME FOR THE YEAROscar TiggerGHS' GHSThe difference between the fair value of the identifiable assets and liabilities of Tigger and their book value relates to the value of a plot of land. The land had not been sold by December Income and expenses are assumed to accrue evenly over the year. Neither company paid dividends during the year.Oscar elected to measure noncontrolling interests at the date of acquisition at fair value. No impairment losses on recognized goodwill have been necessary to date.RequiredPrepare the consolidated statement of profit or loss and other comprehensive income and statement of financial position of the Oscar Group as at December in the following circumstances:a The interest in Tigger allowed Oscar significant influence over the financial and operating policy decisions of Tigger.
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