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Opening Balance with change in group structure

Received Response


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We have recently changed our group structure to introduce an additional consolidation point in our group structure - something that has been unprecedented in our organisation therefore this isn't an issue we've ever encountered or dealt with.

To demonstrate the change in structure using a simple example:

Old Group Structure

New Group Structure

We've introduced a new parent entity, which incorporates the 3 subsidiaries.

From a legal and accounting standpoint, the new parent came into existence from P3 this year.

Given there's no closing balances in Dec FY22 in this new parent as we do not want to go back and consolidate prior years, no opening balances are calculating in the new parent entity as there's nothing to bring forward.

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