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FRS Series : Consolidation Accounting in Practice - A Practical Approach using Excel Spreadsheets

Expert Speaker Oh Ai Sim

$880.00 (including GST)

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Overview    

This hands-on workshop is part of the Professional Skills Series, 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 Will 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 to FRS 110, FRS 103 (revised) and FRS 27  (revised)
  • Principles underlying these revised standards – scope and objectives
  • Control redefined under FRS 110
  • 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
  • Post-combination accounting
    • Elimination of intercompany transactions
    • Concept of elimination of unrealized profits in group situations
  • Step acquisition and partial disposals
    • control achieved in one or more transactions
    • transactions between parent and NCI

Day 2

  • Step acquisition and partial disposals
    • disposal of a controlling interest but retaining a non-controlling residual interest
    • disposal of an associate or a jointly controlled entity but retaining a financial asset
  • Complex group structures – indirect subsidiaries
  • Disposal of subsidiaries
  • Dilution of interest
  • Related standards to apply
    • FRS 36 – Impairment of Assets
    • FRS 105 - Non-current Assets Held for Sale and Discontinued Operations
  • What’s new in FRS 111 – Joint Arrangements
  • Recognition criteria for interests in joint arrangements and associates
  • Equity method of accounting – FRS 28
  • FRS 112 – Disclosure of interests in other entities

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.

Expert Speaker

Oh Ai Sim

Ai Sim has over 20 years of audit related experience with a big four accounting firm. Her portfolio of clients includes public listed entities and multinational corporations covering the following industries: retailing, manufacturing, trading, property development and construction. She conducts training regularly on FRS and audit related topics.

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