Course Overview

The workshop teaches skills to consolidate financial statements effectively and review each statement applying learnt techniques and methodology. The training program outline is up to date and pertinent to marketplace requirements, thus catering well to all analytical prediction of training needs in the specified area. A customised proposal can also be arranged, to suit the training requirement of your team.

Who Should Attend?

Financial managers and controllers, accounting managers, senior accountants, financial assistants, financial analysts, and any professional involved in accounting for business combinations and consolidations.

Program Outline

  • Transactions Accounted for as Business Combinations
  • Defining a Qualifying Business
  • Structures of Business Combinations
  • IFRS and US GAAP Consideration
  • Accounting for Business Combinations
  • Applying the Acquisition Method
Step 1: Identify the Acquirer Step 2: Determine the Acquisition Date Step 3: Recognize and Measure the Identifiable Tangible and Intangible Assets Acquired and Liabilities Assumed
  • Measuring No controlling Interest
  • Exceptions of the Recognition or Measurement Principles
Step 4: Identify Assets and Liabilities Requiring Separate Accounting Step 5: Classify or Designate Identifiable Assets Acquired and Liabilities Assumed Step 6: Recognize and Measure any No controlling Interest in the Acquire
  • Measuring Non controlling Interest at Fair Value
Step 7: Measure the Consideration Transferred
  • Contingent Consideration
Step 8: Recognize and Measure Goodwill or Gain from a Bargain Purchase
  • Acquisition Related Costs
  • Post Combination Measurement and Accounting
  • Reacquired Rights
  • Contingent Liabilities
  • Indemnification Assets
  • Contingent Consideration
  • Goodwill and Gain on Bargain Purchase Options
  • Measurement of Goodwill
  • Impairment of Goodwill
  • Accounting for Gain on Bargain Purchase Option
  • Consolidated Financial Statements
  • The Economic Entity Model
  • Defining Control
  • Changes in Ownership Interest without Loss of Control
  • Changes in Ownership Interest Resulting in Loss of Control
  • Consolidation Procedures
  • Intercompany Transactions and Balances
  • Overview of Special Topics
  • A Business Combination Achieved in Stages (Step Acquisitions)
  • A Business Combination Achieved without the Transfer of Consideration
  • Special Purpose Entities (SPEs)
  • Required Disclosures

Program Objectives

By the end of the program, participants will be able to:
  • Recognize the process of consolidating financial statements
  • Identify what qualify as business combination and their related transactions
  • Apply the acquisition method for business combinations
  • Account for goodwill and non-controlling interests
  • Recognize the differences and similarities in the consolidation of financial statements between the International Financial Reporting Standards (IFRS) and the US Generally Accepted Accounting Principles (GAAP)

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