Applying the principles of control in IFRS 10 Consolidated Financial Statements, as described in…

Applying the principles of control in IFRS 10 Consolidated Financial Statements, as described in Section 22.3.2 of this chapter, you are required to consider whether certain investments of Austin plc are subsidiaries.

Austin plc has investments in a number of companies, and the company’s accountant has asked your advice on whether certain of these companies should be treated as subsidiaries under IFRS 10 Consolidated Financial Statements.

(a) Austin plc owns 45% of the voting shares of Bond Ltd.

(b) Austin plc owns 60% of the voting shares of Bradford Ltd and Bradford Ltd owns 30% of the voting shares of Derby Ltd. Recently, Austin plc purchased 70% of the voting shares of Coventry Ltd. Coventry Ltd owns 30% of the voting shares of Derby Ltd. The accountant believes Derby Ltd is not a subsidiary of Austin, as Austin effectively owns only 39% of the shares of Derby – 60%  30% = 18% through Bradford and 70%  30% = 21% through Coventry.

(c) Recently, Austin plc purchased 60% of the ordinary shares of Norwich plc.

Prior to the purchase, Norwich plc had in issue 6,000,000 ‘A’ shares of £1 each. Each ‘A’ share carries a single vote. These shares were owned equally by each of the directors of Norwich plc. For the purchase, the directors of Norwich plc sold 2,000,000 ‘A’ shares to Austin plc, and Norwich plc issued 4,000,000 ‘B’ shares of £1 each to Austin plc. ‘B’ shares do not carry a vote.

Required:

Consider and, where appropriate, discuss whether the following companies are subsidiaries of Austin plc:

(a) Bond Ltd

(b) Derby Ltd

(c) Norwich plc.

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