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FRS in Action: Consolidation Accounting using Excel Spreadsheets

Expert Speaker Oh Ai Sim

$898.80 (including GST)

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Overview

This hands-on workshop is designed specifically to give Accountants and Finance Professionals a good grasp of the fundamentals of Consolidation Accounting. The Trainer will discuss and illustrate the issues related to the preparation and presentation of consolidated financial statements for groups with subsidiaries and associates.
You will get to work on practical examples and case studies using Excel Spreadsheets, and learn to prepare the consolidated financial statements (balance sheet) and the consolidated statement of profit or loss and other comprehensive income (profit or loss account) effectively.

What you’ll learn

At the end of the workshop, you will: 

  • Learn to apply the economic entity model to the acquisition life cycle
  • Learn to apply the underlying principles of business combinations
  • Understand the appropriate consolidation adjustments in line with the revised FRS 103

Programme Outline

Day 1

Introduction – standards and model applied

A practical overview of the standards relevant to consolidated financial statements:

  • Introduction to FRS 110, FRS 103 (revised) and FRS 27  (revised)
  • Principles underlying these revised standards – scope and objectives
  • Application of the economic entity model

Basic post-combination principles
Understanding the rationale of elimination of unrealized profit

  • Post-combination accounting
    •    Elimination of intercompany transactions
    •    Concept of elimination of unrealized profits in group situations

FRS 103 requirements
Discuss the FRS requirements that apply in accounting for the acquisition of a subsidiary using the acquisition method of accounting

  • Identifying a business combination
  • Applying acquisition method of accounting for a business combination – fair value adjustments and goodwill on consolidation
  • Recognising and measuring identifiable assets acquired and the liabilities assumed in a business combination
  • Accounting for non-controlling interests (NCI) of an acquiree
  • Appropriate consolidation adjustments for a business combination


Day 2

Acquisition life cycle 

Application of the economic entity model to the acquisition life cycle

  • Control redefined under FRS 110
  • Joint arrangements FRS 111
  • Step acquisition
    •   Control achieved in one or more transactions
  • Changes in group structure
    • Without loss of control (transactions between parent and NCI)
      • Disposal of a controlling interest but retaining a non-controlling residual interest 
  • With loss of control 
    • Disposal of a subsidiary 

Associates 

  • Equity method of accounting – FRS 28
  • Elimination of unrealized profit


Participants are encouraged to bring along their laptops (equipped with Excel Spreadsheets) for the exercises and worked examples. 

Participants without the use of laptops will be issued with hard copies of the exercises to facilitate learning

This workshop qualifies for 14 CPE hours in Financial Reporting Standards and Pronouncements (Category 1)‚Äč

Expert Speaker

Oh Ai Sim

Ai Sim is a qualified Accountant with over 20 years of audit related experience in a big four accounting firm. Her portfolio of clients included listed companies, multi-national companies and private entities, covering specialized industries in the technology sectors, property development and construction, retail and warehousing, manufacturing, trading and charitable organizations. 

Ai Sim was involved in initial public offerings, mergers and acquisitions, due diligence and corporate restructuring. 
She was also actively engaged in technical training during her audit career. She now conducts training regularly on FRS and audit related topics.

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