Exam 16: Consolidation: Controlled Entities

Unicorn Trustees has a fiduciary relationship with Amble Limited enabling it to direct certain activities of Amble Limited. As a result of this relationship:

Truong Limited acquired 60% of the shares of Quang Limited through the Australian Securities Exchange. The share acquisition cost Truong Limited $500 000. As a result of the share acquisition, Truong Limited gained control over Quang Limited. In its accounting records, Truong will recognise:

The main characteristic of a structured entity according to IFRS 12 is that:

Which of the following is correct in relation to rights in the context of control?

A single set of financial statements, that combines the separate sets of financial statements for a number of entities, which are managed as a single economic entity, is known as:

The entity that is represented by a single set of consolidated financial statements known as a consolidated financial report is:

When deciding whether or not control exists over one entity by another entity: