1.40 What is the effect on the financial statements of the selection that the set is consolidated?
A.The effects on the financial statements are as follows:
Contents
The word Consolidated appears in the title of the primary statements
Financial statements
“Financial statements” reference becomes ”consolidated financial statements” throughout the set.
Independent Auditors' Report
This is changed as per the technical circulars of ICPAC in relation to consolidated financial statements
Report of the Board of Directors
Principal activities - wording changes
Notes to the financial statements affected
1. Accounting policies changed
- Basis of preparation
- Basis of consolidation
- Business combinations
- Interests in joint ventures
2. Investments in subsidiaries
Management representation letter – amended accordingly
Subsidiaries excluded from the consolidated financial statements on the basis of Articles 142A(5)(a), (b) and (c) (As per ICPAC Technical Circular No. 51 the following are affected
1. Basis of preparation is amended according to the option selected
2. Independent auditors report depending on type of qualified opinion
3. Investments in subsidiaries – Table for listing of subsidiaries excluded from the consolidated financial statements enabled
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