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In this video, Sylvia from cpdbox.com demonstrates how to consolidate two companies with different functional currencies under IFRS. The practical example involves Mommy Corporation in the UK with British pounds as its functional currency acquiring a German subsidiary, Baby Limited, with Euros as its functional currency. Mommy purchased goods from Baby for 45,000 Euros and sold them to external customers by year-end, but the payable to Baby remained unpaid. The task is to prepare a consolidated statement of financial position as of December 31, 20x2. Exchange rates between British pounds and Euros at various dates are provided in a table for reference. Visit cpdbox.com for more IFRS-related content.
