F2 Exam Dumps : Advanced Financial Reporting

Which of the following is a related party according to the definition of a related party in IAS24 Related Party Disclosures?

XY owned 60% of the equity share capital of AB at 1 January 20X6.  XY acquired a further 20% of AB's equity share capital on 31 December 20X6 for $500,000.  The non controlling interest in AB was measured at $720,000 immediately prior to the 20% acquisition.

Calculate the amount that XY debited to non controlling interest when it accounted for the 20% acquisition in its consolidated financial statements at 31 December 20X6.

Give your answer to the nearest $000.

$ ?  000

When accounting for a finance lease under IAS 17 Leases, which TWO of the following are recognised in the statement of profit or loss?