- 5 Marks
FR – Nov 2023 – L2 – Q5c – Group Financial Statements and Consolidation
Define consolidated financial statements and outline conditions under which a parent may be exempted from presenting them.
Question
With reference to IFRS 10: Consolidated Financial Statements, an entity that is a parent shall present consolidated financial statements. However, a parent need not present consolidated financial statements if it meets some conditions.
i) Define Consolidated Financial Statements. (1 mark)
ii) Outline FOUR (4) conditions under which a parent may be exempted from presenting consolidated financial statements. (4 marks)
Find Related Questions by Tags, levels, etc.
- Tags: consolidated financial statements, Exemption, Group Accounts, IFRS 10
- Level: Level 2
- Series: NOV 2023
