Co B is wholely owned by Co A until disposed off in 2007?

Question

Co B disposal was only approved by Malaysian Security Commisioner on 28 December 2007 eventhough the aggrement between Co A and buyer signed much earlier in the yr. B was sold as an empty co which means all asset and liabilities were transfered to holding Co A .except retained earnings which were utilised to pay the dividens to A.

Do the financial results ( P&L and Balance Sheet) of Co B be consolidated to Co A at year end 2007. Legally Co B isno longer belong to Co A.

Answer 1

No. Simply No.