Financial Advisers Ltd (Advisers) provides financial services to a range of clients. It also has a range of investments in complementary businesses. The Chief Financial Officer (CFO) is concerned whether consolidated financial statements should be prepared for the following two investments:Â 1. Computing Services Pty Ltd (Computing) 30% of the shares are owned by the managing director and 70% by Shipton Holdings Ltd. (Shipton).Â Â Â Â Â 50% of Shipton is owned by Advisers and the remaining 50% by employees of associated companies.Â 2. Advisers has a 35% interest in Bellinger Travel Pty Ltd (Bellinger). The remaining 65% is owned by the managing director of Bellinger. The majority of Bellingerâ€™s business is with Advisers or an associated company.Â Â Advisers has two directors on the board of Bellinger but all operationalÂ decisions are made by the managing director.Â Â Required Write a report covering the following in relation to the above data: 1. What guidance do the accounting standards and pronouncements provide to the CFO? 2. How are relationships within a group determined? 3. Advise the CFO whether, in your opinion, consolidated statements areÂ Required Write a report covering the following in relation to the above data: 1. What guidance do the accounting standards and pronouncements provide to the CFO? 2. How are relationships within a group
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