Question: a. What is 'fair value', and why is it relevant to consolidation accounting? b. Where are only a proportion of a subsidiary's shares owned by

a. What is 'fair value', and why is it relevant to consolidation accounting?

b. Where are only a proportion of a subsidiary's shares owned by a parent entity? What proportion of the intragroup transactions between the parent entity and the subsidiary will need to be eliminated on consolidation?

c. In the presence of noncontrolling interests, if dividends are declared by a subsidiary and by a parent entity, which dividends payable will be shown in the consolidated balance sheet?

d. Why do we need to pass the consolidation elimination entry every time we prepare a consolidated financial statement?

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