A Practical Guide to Consolidation Accounting

Description

This is a hybrid session. You have the option to attend this live in-person or online via Zoom. Please select accordingly at registration.

This practical workshop is designed specifically to give Accountants and Auditors a good grasp of the essential requirements and procedures when preparing consolidated accounts. Participants who would like to have a good refresher on Consolidation Accounting will also find this workshop practical and highly beneficial.

Illustrations and Practice Questions are incorporated throughout this workshop to allow direct and swift application of the concepts acquired.

Programme Outline

• Determining whether consolidation is required, i.e. control exists
• Issue with potential voting rights such as share options, convertible warrants in determining control
• Exemption from preparing consolidated financial statements
• Determining acquisition date
• Measuring the cost of investment
• Cash consideration
• Shares as consideration
• Assets as consideration
• Deferred consideration
• Contingent consideration
• Determining the measurement of non-controlling interest (NCI)
• Determining goodwill on consolidation
• Positive goodwill
• Negative goodwill
• Elimination entries
• Adjustment for inter-company transactions and balances
• Inter-company sale and purchase of goods
• Inter-company sale and purchase of property, plant and equipment
• Unrealised profit in inter-company sale of goods and property, plant and equipment when it occurred
• Reversal of unrealised profit in subsequent periods
• Adjustment for depreciation arising from inter-company sale of property, plant and equipment
• Determining profit for non-controlling interest (NCI)
• Consolidating financial statements presented in a foreign currency

Illustrations and Practice Questions are incorporated throughout this workshop to allow direct and swift application of the concepts acquired.

Note: Complex group consolidation, progressive acquisition (e.g. from 60% to 70% equity interest) consolidation, disposal of subsidiary in consolidated financial statements, associate company equity accounting are not included in the scope of this workshop. They will be covered in another workshop subsequently.

This workshop qualifies for 7.0 CPE hours in Financial and Sustainability Reporting Standards and Pronouncements (Category 1).

What you will learn

• Understand the essential requirements and procedures when preparing consolidated accounts
• Understand the adjustments required for inter-company transactions and balances

Target Audience

• Accountants
• Auditors
• Anyone who would like to have a good grasp of the essential requirements and procedures when preparing consolidated accounts.

Expert Speaker

Chee Hay Kheong Daniel

Daniel holds an Honours degree in Accountancy from the National University of Singapore and is a Certified Information Systems Auditor (CISA). He has more than 13 years of experience in the accounting profession, having worked for one of the Big 4 accounting firms both in Singapore and in the United Kingdom. He has also more than 5 years of senior management experience with MNCs, managing their operations in Singapore and Asia.

Daniel is a highly sought-after seminar trainer, and is currently an Adjunct Professor in the School of Business, Singapore University of Social Sciences. Prior to this, he was an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. He served as a committee member of both the IT Committee and the Examination Committee of ISCA, and was a Committee member of the Disciplinary Sub-Committee of Accounting and Corporate Regulatory Authority (ACRA).