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You are the Chief Accountant of JKL plc, a UK company that has three wholly-owned overseas subsidiaries.

Company A is located in Spain. The company assembles computer terminals from materials provided by JKL plc. Once assembled, the computer terminals are shipped to the UK where JKL plc sells them.
Company B is located in Singapore and produces computers using materials supplied by local companies. Company B sells the computers to customers throughout south- east Asia.
Company C, operated on the same basis as Company A, is located in a country where recent legislation forbids the ownership of companies by foreign nationals and where strict currency and import/export controls have been introduced. These currency con- trols mean that JKL plc is unable to sell its interest in Company C.

You are required to explain how each of the three subsidiaries would be dealt with in the consolidated financial statements of JKL plc.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91625396

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