Introduction to Consolidated Accounts - 16th Run

In the Introduction to Consolidated Accounts workshop, participants will go through the requirements of the FRS linked to consolidation and learn how to prepare consolidated accounts, prepare consolidation entries and practice equity accounting entries for investments in associates.

During the workshop, participants will have hands-on practice through several case studies and exercises to appreciate the key concepts. Participants are encouraged to bring along their calculators for the seminar as participants will be expected to compute the required accounting entries and for the preparation of consolidated financial statements.

Key Topics

What are Consolidated Accounts?

Identification of a Group - What is a Subsidiary?

Presentation of Consolidated Financial Statements

Introductory Review of the following FRS

• FRS 103: Business Combinations
• FRS 27: Accounting for Investments in Subsidiaries
• FRS 28: Accounting for Investments in Associates and Joint Ventures

Scope of Consolidated Financial Statements

• When can a subsidiary be excluded from consolidation?

Consolidation Procedures

• The cost of control account
• Calculation of goodwill on consolidation and the accounting treatment
• Calculation of non-controlling interests
• Elimination of unrealised profits on stocks and fixed assets
• Equity accounting of investments in associates
• Fair value adjustments