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Q15 — Hemlock Co acquired 80% of Sable Co on 1 April 20X5.
At acquisition, Sable's plant had a fair value $2.4m above carrying amount, with a remaining life of six years. Goodwill is measured using the fair value method; the NCI at acquisition was valued at $6.1m.
| Consideration transferred | 24,800 |
| NCI at fair value | 6,100 |
| Net assets at acquisition | (25,300) |
| Goodwill | 5,600 |
Required: Explain the treatment of the fair value adjustment and the impairment of goodwill in the consolidated financial statements.
10 marksThe fair value uplift of $2.4m is recognised as part of net assets at acquisition, increasing goodwill…
Additional depreciation of $400k per year is charged, reducing post-acquisition profit…
Impairment is written off against retained earnings.
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The fair value uplift of $2.4m is added to Sable's net assets at acquisition, which increases the goodwill figure recognised on consolidation. Depreciation on the uplift of $400,000 a year is charged to post-acquisition profit, and the carrying amount of plant in the consolidated statement of financial position is increased by the unamortised balance. Any impairment of goodwill is written off against group retained earnings.
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