IPSAS 35 'Consolidated financial statements' sets out the reporting requirement(s) as which of the following? Please select the right answers. A controlling entity shall prepare consolidated financial statements using uniform accounting policies for like transactions and other events in similar circumstances. Consolidation of a controlled entity shall begin from the date the entity obtains control of the other entity and cease when the entity loses control of the other entity. A controlling entity shall prepare consolidated financial statements using accounting policies that are determined by the controlling entity. None of these are correct

Q: 1A. Why have accountability and control been so important in the traditional accounting for state…

A: Accepting responsibility for one's own conduct is known as accountability. It suggests a willingness…

Q: A business entity is required to maintain the same accounting policies. However, the entity is…

A: Accounting policy: It is a specific principle, guidelines rule, system applied by firms when they…

Q: A subsidiary is an entity that: Select one: a. Has the power to control a parent entity. b. Has…

A: The subsidiary company in a corporate world, belongs to another company, which are known as parent…

Q: Which of the following is not a required disclosure under PAS 1?

A: PAS 1 refers to the Philippine Accounting Standards as developed by the PFRS (The Philippine…

Q: When reviewing the financial statements and supporting notes of a reporting entity, is it possible…

A: Statement of changes in equity is a part of financial statements in which the transactions related…

Q: Companies are required to transfer “other comprehensive income” each period to shareholders’ equity.…

A: Comprehensive income:Comprehensive income represents the amount of net income plus other…

Q: An entity defined as a 'disclosing entity' under the Corporations Act mus prepare interim financial…

A: The interim financial report is the performance report of the organization but for a shorter period…

Q: Audit of Group Financial Statements. Lando Corporation is a domestic company with two wholly owned…

A: a.

Q: A parent company is required to prepare consolidated financial statement for the group according to…

A: Consolidation is the process of combining the financial statements of a parent company and its…

Q: The FASB Accounting Standards Codification represents the single source of authoritative U.S.…

A: 1.

Q: The notes to financial statements of an entity shall I. Present information about the basis of…

A: Notes to financial statements provide narrative description of items which are presented in…

Q: Which of the following audit objectives is to validate the assertion of existence? *   A. All…

A: Financial statement assertions, also known as management assertions, are a company's official…

Q: The FASB Accounting Standards Codification represents the single source of authoritative U.S.…

A: 1.

Q: Under the Conceptual Framework for Financial Reporting 2010, which of the following is a new item…

A: The purpose of Conceptual Framework for financial reporting 2010 is to provide financial information…

Q: Under IFRS, changes in accounting policies are a. permitted if the change will result in a more…

A:

Q: In connection with the examination of the consolidated financial statements of Mott Industries,…

A: Financial statements contain the overall picture of the enterprise. These statements furnish the…

Q: Which of the following does not constitute fair presentation and compliance with IFRS? A) an entity…

A: When financial statements are devoid of substantial misstatements and adequately portray an entity's…

Q: ASB ASC 810-10-45-11 states that in some cases parent-entity financial statements may be needed, in…

A: The consolidation of the financial statements is done when the entity holds more than 50% in the…

Q: Which of the following audit objectives is to validate the assertion of classification? *   A.…

A: B. Income statement related items are appropriately recorded in the proper accounts in the statement…

Q: An entity’s functional currency is a. the currency of the primary economic environment in which the…

A: Currency is referred as the medium of exchange for which goods and services are exchanged. It is the…

Q: nts in place of statements of individual companies or accounting for a business combination using…

A: Financial accounting - A specific form of accounting known as financial accounting comprises a…

Q: For financial reporting, a reporting entity can be a single company, or it can be a group of…

A: Changes in reporting entity: It refers to a change when two or more entities comprise together into…

Q: If a nonissuer wants an accountant to perform an examination of its internal controls, the…

A:

Q: Which statement is correct concerning compliance with PFRS? I An entity whose financial statements…

A: As per PFRS 1 Presentation of financial statements,  PFRS 1 requires entity to present complete set…

Q: Auditor’s need to be diligent

A: The auditor undertakes the audit of financial statements to express an opinion whether they…

Q: preparation of consolidated financial statements

A: Second option is wrong because the preparation of consolidated financial statements does not…

Q: According to the GAM for NGAs, the responsibility over financial statements rests with the entity’s…

A: The question is based on the concept of Accounting theory.

Q: Consolidated financial statements: a. Consolidated financial statements provide information about…

A: Consolidated financial statements: When an investor company holds above 50% in the outstanding stock…

Q: Which of the following is NOT a required disclosure for any entity that holds an interest in a VIE?…

A: The Financial Accounting Standards Board (FASB) has provided guidance for disclosure requirements…

Q: basis on which the management of an entity must select its accounting policie

A: Accounting policies are the set of guidelines to be followed in recognition of financial items in…

Q: Which of the following pertaining to Consolidated Financial Statements is correct? A. The…

A: As per Accounting standards, when the parent acquires a subsidiary or have controlling entities then…

Q: Consolidated financial statements are typically prepared when one company has A. a substantial…

A: Consolidated financial statements are prepared when a parent-subsidiary relationship exists. A…

Q: Consolidated financial statements are required by GAAP in certain circumstances. This information…

A: Consolidated financial statements are statements prepared by parent company . Parent company is a…

Q: SA 570 (Going Concern) states that a fundamental principle in the preparation of financial…

A: Option B Entity's Management is correct.

Q: Which of the following audit objectives is to validate the assertion of presentation and disclosure?…

A: The income statement includes the revenues and expenses for the company. Whereas, balance sheet…

Q: According to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, an entity must…

A: Accounting policies are the measures, principles or rules which are applied by the entities so that…

Q: Revenue Recognition Discuss transition methods of this new revenue standard, i.e., how an entity…

A: This question deals with revenue recognition transition methods of the new revenue standard under…

Q: In which of the following circumstances does not require auditors to modify the content of the…

A: Emphasis of auditor report is used by the auditor to provide additional information to the users of…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.