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About the seminar(Module 2)
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Group structure in modern businesses are complex and typically consist related entities such as ultimate parent, intermediate parents, subsidiaries, associates and jointly controlled entities.
The complexity of modern businesses had also resulted in complex accounting rules for such entities. Practicing accountants are required to exercise of professional judgement to determine the substance of the relationship of related companies in order to apply the appropriate accounting policies when preparing group financial statements. The rules are further complicated by issues of foreign operations, hyperinflations as well as subsequent changes in interests between entities such as acquisition and disposal.
The more advanced aspects of accounting for business combination and the preparation of consolidated financial statements will be examined in this two-day workshop by using extensive mini case studies to help participants to gain a sound understanding of the techniques and methodologies for complex consolidation practices. Preparation of group financial statements is dealt with under IFRS3, IAS27, IAS28, IAS31, and accounting treatments for foreign entities are covered under IAS21 and IAS29. The complex accounting issues on impairment to goodwill will be studied under IAS36. Finally, the seminar also examines current documents issued by IASB in the area of group financial statements.
Accounting for impairment of goodwill directly to equity with court permission
Accounting for cost of business combinations: Fair value at date of exchange
Accounting for contingent considerations
Handling contingent liabilities of acquiree
Initial accounting determined provisionally and its subsequent adjustments
Deferred tax arising from:
Fair value adjustment to assets and liabilities of acquire
Pre-acquisition unused tax losses of acquiree
Reverse consolidation procedures
A review of IFRS 3 Business Combination (Revised 2008)
Advanced Issues in the Preparation of Consolidated Financial Statements
Accounting for subsidiaries, associates and jointly controlled entities in the separate financial statements
Consolidation requirements and procedures
Identifying “control”
Treatment of minority interests
Reporting dates (coterminous and non-coterminous)
Consolidating special purpose entities
Investments in Associates
Determining "significant influence"
Application of the equity method of accounting
Parties in joint ventures
Determining joint control
Understanding proportional consolidation method
Identification and accounting for each type of joint venture
Complex group structures
Increases and decreases of interests in subsidiaries without change of control
Changes in stakes:
Acquisition in stages
Disposal of subsidiaries
Bonus issue
Right issues
Consolidating subsidiaries held for sale
IC interpretation 112 Consolidation – Special Purpose Entities
Foreign Aspects
Indentifying functional currency
Translating functional currency into presentation currency
Consolidating a foreign operations
Treatment of good will and fair value adjustments
Foreign exchange reserve movements
Handling hyperinflation in foreign operations
Who should attend
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Danny has over 25 years of working experience in public practice, commerce and industry. He was trained with a firm of Chartered Accountants in London where he worked for over 10 years in the audit and consultancy. He also held the positions of business development and business operation manager with two UK multinational companies based in London for 5 years. Danny also has two years of public practice experience in Malaysia in Between 1996 and 1997 where he was an audit manager with a firm of accountants.
He is currently the partner of a firm providing financial training and consulting for firms in public practice and industry. Danny specialises in International Financial Reporting Standards. He is an experienced speaker in financial reporting and financial statement analysis for several professional institutions and public listed companies in Malaysia and overseas.
Danny holds an Honours Degree in Economics (major in finance and investment) from Manchester Metropolitan University (UK), MBA from Heriot-Watt University (UK) and Master in Advance Business Practice from University of South Australia.
If you are having trouble registering online then you may download and fill out this registration form and fax it to (65) 67490193.
