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CIMAPRA19-F01-1 Exam - Topic 4 Question 23 Discussion

For an entity to be exempt from preparing consolidated financial statements it must meet certain criteria specified in IFRS 10 Consolidated Financial Statements.Which of the following conditions would give exemption from preparing consolidated financial statements?
C) The parent is a wholly owned subsidiary of another entity.
A) The parent's securities are publicly traded.
B) The parent is in the process of issuing securities in a public securities market.
D) All of the parent's subsidiaries are in one country.

CIMAPRA19-F01-1 Exam - Topic 4 Question 23 Discussion

Actual exam question for CIMA's CIMAPRA19-F01-1 exam
Question #: 23
Topic #: 4
[All CIMAPRA19-F01-1 Questions]

For an entity to be exempt from preparing consolidated financial statements it must meet certain criteria specified in IFRS 10 Consolidated Financial Statements.

Which of the following conditions would give exemption from preparing consolidated financial statements?

Show Suggested Answer Hide Answer
Suggested Answer: C

by Alecia at May 03, 2022, 01:37 PM

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Hobert
10 months ago
B seems off to me, issuing securities doesn’t guarantee exemption.
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Penney
10 months ago
Definitely not A, that’s a common misconception!
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Wilda
11 months ago
Wait, so if the parent is publicly traded, it doesn't get exempt?
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Twana
11 months ago
I thought D could be a reason too, but I guess not.
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Gayla
11 months ago
C is correct! Wholly owned subsidiaries are exempt.
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Magnolia
11 months ago
The wording of the question is a bit confusing to me. I'm not sure if I'm supposed to count the final "completion" step as a separate flow or not. I'll need to re-read the question a few times to make sure I understand it correctly.
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Mickie
11 months ago
I'm a bit confused by this question. The options seem to cover a range of different considerations, and I'm not sure which ones are truly the "most important" according to the IIA. I'll need to review the guidance carefully and try to identify the critical steps to evaluate the organization's social and environmental impact.
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Samuel
11 months ago
Hmm, I'm a bit unsure about this one. The question is asking about communication to those charged with governance, so I'll need to make sure I understand the specific requirements for that. Let me re-read the question and options closely.
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Gracia
11 months ago
I think the answer might be liquidity risk since it directly relates to how quickly you can sell an investment without losing value. But I'm not entirely sure.
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