Which of the Following Statements Is Not in Accordance with AASB

question 60

Multiple Choice

Which of the following statements is not in accordance with AASB 127 "Consolidated and Separate Financial Statements"?

• A) A parent need not present consolidated financial statements if the parent is itself a wholly-owned subsidiary, or is a partially-owned subsidiary of another entity.
• B) Control is presumed to exist when the parent owns, directly or indirectly through subsidiaries, more than half of the voting power of an entity.
• C) A parent consolidates subsidiaries that satisfy the criteria to be classified as assets held for sale.
• D) Intragroup balances, transactions, income and expenses are eliminated in full for wholly-owned subsidiaries and in proportion to ownership for partially-owned subsidiaries.
• E) None of the given answers.

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Definitions:

Developmental Milestones

Specific functional and physical abilities that most children achieve within a certain age range.

Schemas

Structures or patterns in the brain that help organize and interpret information.

Conceptual Frameworks

Structures of concepts and theories that guide the collection and interpretation of data in research and practice.

Cognitive Developmental Stages

Phases identified by developmental psychologists that mark key periods in the growth of human cognition and intelligence from infancy through adulthood.