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.
What is Consolidation?
- Presentation of consolidated financial statements
- Introductory review of the consolidation accounting standards
- The consolidation accounting standard-setting process
- Interaction between IFRS and FRS
- Consolidation procedures
- Concept of direct and indirect interest
- Who has to present consolidated accounts?
- Exemption from preparation of consolidated accounts
FRS 110: Consolidated Financial Statements
- Overview of the control model
- Assessing control and identification of a subsidiary
FRS 103: Business Combination
- Concept of fair value adjustments in business combinations
- Calculation of goodwill on consolidation and the accounting treatment
- Calculation of non-controlling interests and the accounting treatment
- Presentation of non-controlling interest in financial statements
FRS 28: Equity Accounting of Investments in Associates
- Identification of an associate
- How to perform associate accounting?
- Presentation of associate accounting in financial statements