We want to know about the accounting and financial reporting, as per International Standards, in the parents book who has a subsidiary for couple of years and showing as Investment in Subsidiary at cost plus share of *** assets, which is under voluntary liquidation at the year end.
Specifically, I want to know;
• Classifying of this investment in equity FS of Parent company.
• Any impairment of investment is to be booked.
• In consolidated FS (as company have another subsidiary as well), whether the liquidating subsidiary will be consolidated or shown as investment only.
• Any other notes in equity and consolidated FS required for subsidiary under voluntary liquidation.