The preparation of consolidated financial statements:Select one alternative:does not obviate the need for separate entities to prepare and release their own separate financial statements and should be done in accordance with IFRS 10will eliminate the result derived from operations with parties external to the group of entitieshighlights income derived as a result of transactions within the groupobviates the need for separate entities to prepare and release their own separate financial statements

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

Answered: preparation of consolidated financial…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The preparation of consolidated financial statements:

Select one alternative:

does not obviate the need for separate entities to prepare and release their own separate financial statements and should be done in accordance with IFRS 10
will eliminate the result derived from operations with parties external to the group of entities
highlights income derived as a result of transactions within the group
obviates the need for separate entities to prepare and release their own separate financial statements

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