The following independent statements may be true or false. Discuss the circumstances whereby the statement is true and the circumstances whereby it is false. (a) Goodwill on consolidation in the Consolidated Statement of Financial Position is the difference between consideration paid by the Parent and the Parent's share of fair value of identifiable net assets of a partially-owned Subsidiary.

Which consolidation method should be used in preparing consolidated financial statements in accordance with IFRS?  A. Proportionate consolidation method.B. Either identifiable net assets or fair value enterprise method.C. New entity method.D. Parent company method.

In a recent acquisition, the consolidated value of a subsidiary's assets exceeded the basis appropriate for tax purposes. How does this difference affect the consolidated balance sheet?

Any inter-company gain on a downstream sale of fixed assets should be recognized in consolidated net income: I. in the year of the downstream sale.II. over the period of time the subsidiary uses the asset.III. in the year the subsidiary sells the assets to an unrelated party. Group of answer choices I. II. III. I and II