In order that the consolidated financial statements present financial information about the group as that of a single economic entity,which of the following steps are taken:
A)non- controlling interests in the net assets of consolidated subsidiaries are identified separately from the parent shareholders' equity in them
B)non- controlling interests in the profit or loss of consolidated subsidiaries for the reporting period are identified
C)the carrying amount of the parent's investment in each subsidiary and the parent's portion of equity of each subsidiary are eliminated
D)all of the above

Question

Quizplus · Accepted Answer

All of the above steps are taken to present the financial information about the group as that of a single economic entity. Non-controlling interests in the net assets and profit or loss of consolidated subsidiaries are identified separately, and the carrying amount of the parent's investment and the parent's portion of equity of each subsidiary are eliminated.

In Order That the Consolidated Financial Statements Present Financial Information