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Financial Statements Module 1: Preparation of Group Financial Statements: Basic Course Date:12-13 Jul '10 Time: 9:00am - 5:00pm CPE/CPD:14 hrs Reg Deadline:28 Jun '10
About the seminar (Module 1)
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Preparation of Group Financial Statements poses one of the most challenging accounting tasks faced by practicing accountants and the technical rules of the standards are complex.
The rules in IFRS 3 Business Combinations relating to identifying acquirer, determining cost of business combination and computation of ‘goodwill’ and ‘access’ are examined carefully with hands-on examples. Once business combination is initially completed the rules on subsequent changes to ‘goodwill’ have to be monitor with due diligent. Thereafter, the preparation of group financial statements will follow if it results in parent and subsidiary relationship. Where an investment in an entity did not give the investor control over it, this may give rise to investor and associate relationship or venturer and jointly control entity relationship. The preparation of these financial statements poses considerable technical challenges to practicing accountants.
There are two main objectives in this seminar. First is to focus on issues arising in business combination. It provides detailed analysis of the technical requirements of IFRS 3 as well as current practices. This is followed by examining the technical contents of IAS 27, IAS 28 and IAS 31, the seminar explains the principles and methodologies of consolidation methods, equity method and proportionate consolidation method by using easy to understand mini case studies. It also highlights the contemporary consolidation techniques.
Outline
.............................................................................................................................................................................. IFRS 3 Business Combinations
Scope
Identifying acquirer
Accounting for cost of business combinations
Accounting for contingent considerations
Acquiree’s identifiable assets and liabilities
Handling contingent liabilities of acquiree
Handling “goodwill” and “excess”
Initial accounting determined provisionally and its subsequent adjustments
Reverse consolidation procedures
A review of IFRS 3 Business Combination (Revised 2008)
IAS 27 Consolidated and Separate Financial Statements
Separate financial statements: Accounting for investments in subsidiaries, associates and jointly controlled entities in the separate financial statements of the parent and investors
Choice of accounting policies: Cost or FRS 139
Impairment implications
Consolidated financial statements
Presentation of consolidated financial statements
Scope of consolidate financial statements
Consolidation procedures
Handling minority interest
Accounting and presenting subsidiary held for sale
IAS 28 Investments in Associates
Scope
Determining significant influence
Application of the equity method
Treatment of losses of associates
Impairment losses
Treatment of ‘goodwill’ and ‘excess’ on date of acquisition
IAS 31 Interest in Joint Ventures
Identifying forms of joint venture
Determining joint control
Proportionate consolidation techniques
Who should attend
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Facilitator
.............................................................................................................................................................................. Danny, Tan Boon Wooi
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) 65090292.
