UC 522 FF Adjustment Report Form

Instructions and help about UC 522 FF Adjustment Report

this is a lecture from open tuition to benefit from the lecture you should download the free lecture notes from open tuition comm okay so let's go through and talk about something that crops up nearly all the time within an exam question somewhere when you're talking about group accounts and it's all about fair value adjustments so going back if you like and thinking about IFRS 3 we don't get involved in the nitty-gritty detail of what IRS 3 is all about we can save that until strategic business reporting but what IFRS 3 does is it talks about business combinations of which the acquisition of a subsidiary by the parent is a business combination and the standard states that when we consolidate those assets and liabilities when we bring them into the group accounts we need to reflect them in the group account only at fair value we need to report the fair value of the assets and the liabilities which will be different to the book value or their carrying value within the subsidiaries accou