To discuss and illustrate the issues related to the preparation and presentation of consolidated financial statements in the Singapore context.

After this two-day course, participants should be able to prepare the consolidated financial statements in compliance with the new Singapore legal and accounting requirements effective in 2013-2014.

Programme Outline 

Day 1

Introduction

• control concept
• who has to present consolidated financial statements
• who is exempted

Basic consolidation issues

• add across
• fair value adjustment
• goodwill on consolidation
• non-controlling interests
• pre-acquisition and post-acquisition reserves
• inter-company transactions

Specific issues

• piecemeal acquisition
• acquisition of additional shares in subsidiary
• disposal of shares in subsidiary without losing control
• disposal of shares in subsidiary and lost control

Day 2

Complex group structure

• father-son-grandson structure
• connecting affiliations
• different dates of acquisitions

Investment in associates and joint ventures

• joint arrangement
• equity accounting
• changes in shareholdings

Foreign subsidiaries, associates and joint ventures

• translation issues
• consolidation issues

Other consolidated financial statements

• consolidated statement of changes in equity
• consolidated statement of cash flow

Transitional provisions

• subsidiary
• joint ventures

Intended For

A Foundation to Intermediate level programme intended for both Practising and Non-Practising Accountants and Auditors. Accountants who have to prepare consolidated accounts and Auditors who have to verify the appropriateness of the consolidated financial statements are highly recommended to attend. Those who like to gain more understanding in the issues related to Consolidated Financial Statements are welcome to attend.

Training Methodology

Lecture style, with Exercises/Case Studies