Which of the Following Statements Is Incorrect

Multiple Choice

Which of the following statements is incorrect?

A) AASB 127 specifies that intragroup balances,transactions,income and expenses shall be eliminated in full
B) a new consolidation is carried out each year,with no adjustments being made in the separate legal accounts of the consolidated group members
C) the purpose of consolidated accounts is to show the operating result and financial position of the economic entity in its dealings with entities outside the group
D) only the parent company's share of the subsidiary needs to be eliminated in relation to intragroup transactions