FRS 10 or IFRS 3?


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I have a UK holding company that's acquired 100% of a French subsidiary at a bargain price. This is the first year of group accounts - they're only required for UK filing purposes, and they will already be qualified on a number of points.

My question is the treatment of the negative goodwill. FRS 10 allows it to remain on the balance sheet, which I have seen previously in other group accounts. IFRS 3 indicates it should be transferred to the income statement in the period in which it arises.

I haven't seen anywhere that one standard should take precedence, so I seem to have a choice, but no reason to justify one treatment over the other.

Any suggestions or justifications much appreciated.
 
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