Consolidating financial statements example
This is different from the situation when they are in the UK’s books. The UK parent acquired a German subsidiary on 3 January 2015 when the subsidiary’s retained earnings amounted to EUR 4 000.On 30 November 2016, the UK parent purchased goods from the German subsidiary for EUR 5 000.The cost of goods sold for the German subsidiary was EUR 4 500.The profit shown in German books is the unrealized profit for the group (as the goods are unsold from the group’s perspective).If not, then apply the average rates for the period. Here, IAS 21 is silent again, but in my opinion, the most appropriate seems to apply the rate ruling at the transaction date. So, let’s say the German subsidiary sold the goods to the UK parent on 30 November 2016 for EUR 5 000.They remain unsold in the UK warehouse at the year-end.
If you translate the financial statements to a presentation currency for the purpose of consolidation, you need to be careful with certain items.If the equity balances result from income and expenses presented in OCI (e.g.
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