ACCA FR Syllabus A. The Conceptual And Regulatory Framework - Co-terminous Year-ends and Accounting policies - Notes 6 / 10
Ideally P and S should have the same year end and accounting policies
The accounts of the parent and its subsidiaries (used for the group accounts) should all have the same reporting date, unless it is impracticable to do so
If it is impracticable, adjustments must be made for the effects of significant transactions or events that occur between the dates of the subsidiary's and the parent's year-end.
The difference must never be more than 3 months
Consolidated financial statements must be prepared using uniform accounting polices for like transactions and other events in similar circumstances
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Syllabus A. The Conceptual And Regulatory Framework
A4. The Concept Of A Group
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Intra-group transactions
Syllabus A. The Conceptual And Regulatory Framework
A4. The Concept Of A Group