AASB 127 "Consolidated and Separate Financial Statements" Prescribes That Intragroup

question 30

True/False

AASB 127 "Consolidated and Separate Financial Statements" prescribes that intragroup balances,transactions,income and expenses be eliminated in full on consolidation.This requirement is consistent with the parent entity concept of consolidation.

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Definitions:

Personal Property

Movable property that is not attached to real estate, including vehicles, furniture, and personal belongings.

U.S. Government Bonds

Debt securities issued by the United States Department of the Treasury to fund federal government operations and obligations, considered low-risk investments.

Savings Account

A deposit account held at a financial institution that provides principal security and a modest interest rate.

CD

Compact Disc, a digital optical disc data storage format used for storing digital data, traditionally audio recordings.