02-18-2009, 05:25 PM
Dear
In your separate financial statement you don't have to eliminate anything.
However, if you are preparing consolidated financials using proprotionate method you will have to eliminate the share of profit specific to you i.e. 55% amount.
So the figures taken must be those which are attributed to other venturers i.e. 45% in your case that would be as under
Revenue 22.5
Cost 18
Profit 4.5
I meant what I said. The figures mentioned by you in above post will not be taken in consolidated accounts.
Please re-visit IAS 31's paragraph 48. You have to take the amount attributed to other venturers.
Regards,
KAMRAN.
In your separate financial statement you don't have to eliminate anything.
However, if you are preparing consolidated financials using proprotionate method you will have to eliminate the share of profit specific to you i.e. 55% amount.
So the figures taken must be those which are attributed to other venturers i.e. 45% in your case that would be as under
Revenue 22.5
Cost 18
Profit 4.5
I meant what I said. The figures mentioned by you in above post will not be taken in consolidated accounts.
Please re-visit IAS 31's paragraph 48. You have to take the amount attributed to other venturers.
Regards,
KAMRAN.
