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(EBook) Consolidated Financial Statements 4E By Eng Juan Ng 9789814923453

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Table ofStatutes, Financial Reporting Standards and Abbreviations  

Chapter 1Introduction  

1.1 What areconsolidated financial statements? 

1.2 Theapplicable accounting standards  

1.3 Who has topresent consolidated financial statements?  

1.4 Consolidationprocedures  

  1.4.1 Identifying the acquirer (parent) 

  1.4.2 Date of acquisition  

  1.4.3 Costs of acquisition 

1.5 Usefulnessand limitations of consolidated financial statements

1.6 Approachesadopted in this book 

Appendix 1A:Concept of ‘control’  

Chapter 2

Consolidation at the Date of Acquisition 


2.2 Combinationof accounts 

2.3 Fair valueadjustments (Purchase price allocation)

  2.3.1 Restating identifiable assets andliabilities to acquisition-date     fairvalue 

  2.3.2 Recognising unrecognised identifiableassets and liabilities  

  2.3.3 Tax effect on fair valueadjustment 

2.4 Goodwill onconsolidation   

  2.4.1 Goodwill 

  2.4.2 Negative goodwill  

  2.4.3 Goodwill of subsidiary  

2.5Non-controlling interest 

  2.5.1 Presentation of non-controllinginterest 

  2.5.2 Measurement of non-controllinginterest  

2.6 Summary  

Problems for self-study 

Chapter 3

Consolidation Subsequent to the Date of Acquisition 


3.2 Consolidatedstatement of comprehensive income  

3.3Pre-acquisition and post-acquisition reserves  

3.4 Intragroupaccount balances 

3.5 Unrealisedintragroup profits and losses  

  3.5.1 Intragroup sale of non-depreciableassets 

  3.5.2 Intragroup sale of inventories  

  3.5.3 Intragroup sale of depreciableassets  

  3.5.4 Intragroup charges  

  3.5.5 Tax effect on unrealised intragroupprofits and losses 

3.6 Intragroupdividend  

3.7 Otherconsolidation adjustments 

  3.7.1 Impairment of goodwill onconsolidation  

  3.7.2 Accounting for unamortised negativegoodwill  

  3.7.3 Adjustment in relation to subsequentrealization of fair value adjustments 

3.8 Transitionfrom FRS 27 (2009) and INT FRS 12 to FRS 110  

3.9 Summary  

Appendix 3A:Goodwill accounting: A conceptual approach  

Appendix 3B:Non-controlling interest: A review of measurement issues  

Problems forself-study 

Chapter 4 Changesin Shareholding Interest and Other Specific Issues 

4.1 Introduction

4.2 Changes inshareholding interest  

  4.2.1 Step acquisition 

  4.2.2 Increase in shareholding interest in asubsidiary 

  4.2.3 Decrease in shareholding interest in asubsidiary without loss of control 

  4.2.4 Decrease in shareholding interest in asubsidiary with loss of control 

4.3 Otherspecific issues 

  4.3.1 Acquisition of subsidiary during theaccounting period 

  4.3.2 Loss-making subsidiary  

  4.3.3 Subsidiary with preference sharecapital 

  4.3.4 Subsidiary with bonds payable  

  4.3.5 Reverse acquisition  

4.4 Summary 

Problems forself-study  

Chapter 5 

ComplexGroup Structure


5.2 Father-son-grandsonstructure 

5.3 Connectingaffiliation structure 

5.4 Crossholdings 

5.5 Summary  

Problems forself-study  

Chapter 6

Associates and Joint Ventures 


6.2 Associate:definition  

6.3 Equityaccounting: basic principles  

6.4 Differencebetween cost and underlying net assets  

6.5 Transactionsbetween parent and associate  

6.6 Impairmentloss  

6.7 Changes inequity interests 

  6.7.1 An investor’s equity interest in anassociate is increased such that the former associate consequently becomes asubsidiary

  6.7.2 An investor’s equity interest in anassociate is decreased such that the former associate consequently becomes amere investment 

  6.7.3 An investor disposes of all its equityinterest in an associate  

  6.7.4 An investor’s equity interest in anassociate is reduced but the former associate remains as an associate 

  6.7.5 An investor’s equity interest in anassociate is increased but the former associate remains as an associate 

6.8 Indirectassociate  

6.9 Associatewith preference share capital

6.10 Jointventure 

  6.10.1 Requirements of FRS 111 

  6.10.2 Requirements of FRS 28 

  6.10.3 Joint arrangements, joint operations,and joint ventures

6.11 Summary 

Problems forself-study

Chapter 7 

ForeignSubsidiaries, Associates, and Joint Ventures


7.2 Translationprocess  

  7.2.1 Translation methods  

  7.2.2 Translation problems 

  7.2.3 An illustration on translation  

7.3 Foreignsubsidiary  

  7.3.1 Consolidation issues 

  7.3.2 An illustration on consolidation offoreign subsidiary 

7.4 Foreignassociate 

7.5 Foreign jointventure  

7.6 Summary  

Problems forself-study  

Chapter 8

Consolidated Statement of Cash Flows  


8.2Non-controlling interest 


8.4 Acquisitionof subsidiary  

8.5 Disposal ofsubsidiary  

8.6 Foreignsubsidiary and associate  

8.7 Acomprehensive illustration 

8.8 Summary  

Appendix 8A: Statementof cash flows 

Problems forself-study 

Chapter 9

Consolidated Statement of Changes in Equity  


9.2 Requirementsof FRS 1  

9.3 Consolidationissues 

  9.3.1 Add across  

  9.3.2 Pre-acquisition versus post-acquisition

  9.3.3 Others  

  9.3.4 Associates  

9.4 Summary  

Problems forself-study  

Chapter 10

Further Issues  


10.2Consolidation theories 

  10.2.1 Proprietary theory  

  10.2.2 Parent theory  

  10.2.3 Entity theory 

  10.2.4 Current practice  

10.3 Pooling ofinterests (merger) method 

10.4 Summary  

Chapter 11

Further Problems for Self-Study

Quiz 11.1 

Quiz 11.2  

Quiz 11.3  

Quiz 11.4  









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