IFRS 10 Consolidated Financial Statements Prescribes That Intragroup Balances,transactions,income and Expenses

question 39

True/False

IFRS 10 Consolidated Financial Statements prescribes that intragroup balances,transactions,income and expenses be eliminated in full on consolidation even where the parent entity holds only a fraction of the issued equity.

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Definitions:

Unilateral Damage

Injury or harm affecting only one side of the body or one organ.

Lateral View

An outlook or representation from the side of an object or body.

Temporal Lobe

A region of the cerebral cortex responsible for processing auditory information and is involved in speech, memory, and emotional responses.

Cerebellum

A part of the brain located behind the top part of the brainstem, responsible for coordination of movements and balance.