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ANALYSIS OF DIPLOMA IN IFRS 2018

Exams are challenging, but every challenge has a limit to testing human potential.

The DipIFR examination held in Dec 2018 posed a similar challenge, to test the potential of candidates on the basis of ACCA IFRS knowledge and techniques.

So, we will discuss Question 1 of the December 2018 IFRS exam paper and understand the key points which are important to remember.

The question is divided into two parts with the parent Alpha, having two subsidiaries Beta & Delta, along with an associate.

An entity is required to present consolidated results if they are having a subsidiary on the last day of the reporting date. Alpha has a subsidiary Beta, so they will be required to present consolidated results even though Delta has been disposed of in the middle of the year. So the question required the calculation of profit or loss on disposal as well as preparation of a consolidated statement of financial position.

The computation of disposal of delta looked easier in terms of one figure to be calculated, but this required calculation of goodwill on the date of acquisition, increase in net assets till the date of disposal, and also had to correctly calculate the profit for the year ( being a mid-year disposal).

Learn complete ANALYSIS OF DIPLOMA IN IFRS 2018 QUESTION PAPER here

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