Question
R Ltd. owns 51% voting power in S Ltd. It, however, holds & discloses all the shares as Stock-in-trade in its accounts. The shares are
R Ltd. owns 51% voting power in S Ltd. It, however, holds & discloses all the shares as "Stock-in-trade" in its accounts. The shares are held exclusively with a view to their subsequent disposal in the near future. R Ltd. represents that while preparing Consolidated Financial Statements, S Ltd. can be excluded from the consolidation. As a Statutory Auditor, how would you deal?
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The detailed answer for the above question is provided below AS 21 Consolidated Financial Statements states that a subsidiary should be excluded from ...
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Modern Advanced Accounting In Canada
Authors: Hilton Murray, Herauf Darrell
7th Edition
1259066487, 978-1259066481
