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Tham khảo tài liệu 'financial training course financial accounting_7', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 430 Part 2 Financial reporting in practice IAS 27 makes no reference to the consolidation of quasi-subsidiaries which as we have seen in Chapter 9 is required by FRS 5 Reporting the Substance of Transactions in the UK. However Interpretation SIC 12 43 Consolidation - Special Purpose Entities June 1998 does require the consolidation of such entities under the control of the parent and the existence of this requirement undoubtedly boosted the standing of the IASB when the US corporation Enron collapsed in 2001 after failing to consolidate such Special Purpose Entities a procedure which appeared not to be necessary under the voluminous US GAAP The mechanics of consolidation specified in international accounting standards are very similar to those in the UK. However IAS 22 Business Combinations which we examined in the previous chapter introduces a fundamental difference in the way in which assets liabilities and minority interests are measured when using the acquisition method in consolidated financial statements which we will now explain and illustrate. In this section of the chapter we have discussed the acquisition method of accounting and have in particular explained the need to use fair value or more precisely in the UK context value to the business in order to arrive at the historical cost of the separately identified assets and liabilities of a subsidiary to be included in the consolidated financial statements. Although IAS 22 and FRS 7 use the same term fair value IAS 22 actually requires the use of fair values while FRS 7 Fair Values in Acquisition Accounting requires the use of the concept known as value to the business.44 Leaving this difference on one side FRS 2 requires us to measure all of the assets and liabilities of a subsidiary at their fair values. Any minority interest in the subsidiary will then be measured as the relevant proportion of the aggregate of those fair values. While this is the allowed alternative treatment under IAS 22 it is not the .