Consolidation

Subsidiary disposal cannot be done in a week, period taken for a CGU held for sale is a year. 

Reporting date: 31 march

Financial statements authorisation date: 3 April

this becomes an adjusting event and you can record the sale in the financial statements. If you made the sale on 1 April, then you can disclose it as a non adjusting event and when both the dates are same, even though it is an existing condition, there is no standard for this. So, the sale should be planned before the reporting date or immediately after the reporting date to recognise it in the next year.

Just like how a step by step Aquitaine of investment interest leads to become an associate or a subsidiary, the sale also is prescribed as step by step. In your case, I think it is complete loss of control and hence

Bank

To Tax liability

To Investment in subsidiary

To Profit on disposal

This tallies the balance sheet equation and also there are other ways a company accounts for eg., loss of control leading to still be a subsidiary, associate and investment interest.

Ok thanks for clarity, investment in subsidiary is derecognised. If you observe your statements clearly, there will be an increase in net asset as the proceeds from sale will increase it. 

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