Consolidated Financial Statements for Groups with Local and Foreign Subsidiaries: Overcoming the Preparation and Presentation Challenges

Description

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Consolidation is one of the more challenging subjects in accounting, potentially presenting an array of complex situations for the preparer to deal with.

This hands-on workshop will cover the consolidation adjustments involving local and foreign subsidiaries. And, it will discuss, illustrate and address the issues related to the preparation and presentation of consolidated financial statements (consolidated statement of financial position and consolidated statement of profit or loss and other comprehensive income)  in the Singapore context, for groups with local and foreign subsidiaries.

This practical workshop will equip you with a strong foundation in consolidation accounting as you will be guided through various scenarios and a number of consolidation case studies to apply your acquired knowledge into practice.

Programme Outline

Introduction

  • Who has to present consolidated financial statements?
  • Who is exempted?

Consolidation of Local Subsidiaries

  • Add across
  • Purchase price allocation
  • Goodwill on consolidation
  • Non-controlling interests
  • Pre-acquisition and post-acquisition reserves
  • Inter-company transactions and unrealised profits/losses
  • Other adjustments

Consolidation of Foreign Subsidiaries

  • Translation process
  • Specific issues in consolidation process

What you will learn

At the end of this workshop, you will:

  • Be able to prepare the consolidated financial statements in compliance with the Singapore legal and accounting requirements
  • Gain practical knowledge and insights on overcoming fundamental consolidated accounting issues
  • Have a good understanding on the latest developments in consolidated accounting for groups with local and foreign subsidiaries

Target Audience

Anyone who needs to prepare and verify the appropriateness of consolidated financial statements

  • Accountants
  • Auditors
  • Finance Managers and Directors

Expert Speaker

Professor Ng Eng Juan graduated with B. Ec (first class honours) from Universiti Malaya, and MBA from University of Southern California. He is a fellow of ISCA and a member of MICPA with several years of working experience in an international public accounting firm. Prof Ng has been with the Nanyang Business School, Nanyang Technological University, teaching Financial Accounting subjects in the B Acc and MBA programmes. Over the years, he has won several teaching awards. He also conducts regular continuing professional education programmes for delegates from China, Malaysia and Singapore. Prof Ng has written several publications including “Singapore GAAP”, “Derivatives and Hedge Accounting” and “Practical Guide to Financial Reporting Standards Singapore”, which are published by CCH Asia. He is currently with the Singapore University of Social Sciences (SUSS).

This is a face-to-face event, to be conducted on 15 December 2020.

  • Dec 15
    Tue, 9:00 AM - Tue, 5:00 PM Hotel Venue to be Advised
    • $642.00 incl. GST (7%)
    • PD hours: 7

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One-Connection-One-Fee

Our webinars operate on a 'one-connection-one-fee' basis, so you can have your whole team participate together in a boardroom setting for one cost effective price, using one registered log-in connection. The registered attendee will receive a CPD certificate.

Recordings

Like the topic but can’t make the time? Register for the Live Session and you’ll receive the Recording regardless! Recordings are provided for webinars with a duration of 3 hours and less.