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ACC5215 Corporate Accounting

tag 0 Download 6 Pages / 1,434 Words tag 21-10-2020

Question:

Business Combination Valuation Reserve (BCVR):

At acquisition date acquirer must recognise the fair values of the assets, liabilities and contingent liabilities of the subsidiary. These FV adjustments are commonly recorded as part of the consolidation process and not recorded by the subsidiary unless specified.

Pre-Acquisition Elimination entry: eliminate the carrying amount  of the parent’s investment in the subsidiary. Group equity then reflects only equity transactions with external parties (parent equity transactions are eliminated).

When the carrying amount of the subsidiary's assets are different from fair values AASB 10 sets out that the business combination valuations are done in the consolidation

The differences being recorded in the business combination valuation  reserve (BCVR)‏

Prepare consolidations for wholly owned subsidiaries

Prepare consolidations for wholly owned subsidiaries where assets and liabilities may not necessarily be recorded at fair values.

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