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In today's Global economy it is more than likely that larger companies will have to deal with IFRS when accounting at group level. This book demonstrates the entire process of applying IFRS accounting standards during the preparation of consolidated financial statements.
The theory of group accounting is clearly explained, and the author will use a step-by-step case study of a midsize group to demonstrate the process in practice. This combined approach makes the book doubly useful; it is not only effective as a complete guide to the process, but it also provides a convenient reference to resolve specific issues which may arise when consolidating group accounts under IFRS.
As mentioned above three new standards covering Group Accounting will come into force on January 1 2013:
Together these three new standards will bring about significant changes in the way that groups of companies produce their accounting and this will be the first book to look at this topic incorporating the new regime.
The book will include discussion of the following topics: Legal requirements for consolidated financial statements; Definition of groups; Preparation of consolidated financial statements; Initial consolidation; Joint ventures; Changes in control; Deconsolidation; Changes in control; Management consolidation; Consolidated Financial statements; GAAP/IFRS comparisons.
Auteur
Andreas Krimpmann, Berlin, Germany, is a Certified Public Accountant and owner of Krimpmann MBA CPA, providing consulting and services in financial and management accounting. He is Head of the IFRS and Controlling working group of the Internationaler Controllerverein and Head of the IFRS-Practice Committee of the German CPA Society. Andreas is also an Associate Professor at Berlin universities (Beuth University of Applied Sciences and HTW University of Applied Sciences) for accounting, management accounting and taxes and teaches IFRS and group accounting at various training academies and educational institutions (e.g. Haufe Academy).
Contenu
List of figures xvii
List of tables xxiii
Preface xxvii
Introduction to the book xxix
A The case study 1
About the group 2
Allocation of examples 4
B Legal requirements for consolidated financial statements 9
1.1. Transition to the new consolidation suite (IFRS 10 to IFRS 12, IAS 27 and IAS 28) from IAS 27 rev. 2008 13
1.2. Dependencies between IFRS 3 and IFRS 10 22
1.3. Accounting transition of joint ventures 23
Exemptions 35
Local accounting standards 38
Taxation 39
Definitions 41
C Definition of Groups 43
The control concept 44
Joint control 55
Loss of control 61
Group compositions 65
Special cases 68
5.1. Structured entities 68
5.2. Limited partnerships 70
5.3. Deemed separate entities 71
D Preparation of Consolidated Financial Statements and Annual Reports 73
Lifecycle of subsidiaries 74
Structures 78
2.1. Accounting in group structures 78
2.2. Shared services 80
2.3. Accounting structures 83
2.4. Reporting structures 92
3.1. Communication 102
3.2. Subsidiaries 103
3.3. Reporting 106
3.4. The parent 107
3.5. The group 107
E Initial consolidation 113
1.1. Valuation levels 116
1.2. The opening balance sheet 119
2.1. The acquirer's view 130
2.2. The group's view 132
3.1. The acquirer 138
3.2. The acquisition date 140
3.3. Consideration transferred (purchase price) 143
3.4. Acquired assets - recognition and measurement 152
3.4.1. General requirements on recognition and measurement 152
3.4.2 Existing assets and liabilities 158
3.4.3. Non-accounted assets and liabilities 161
3.5. Goodwill and non-controlling interests 182
3.6. Business vs. assets and liabilities 190
4 Other aspects of purchase price allocations 193
4.1 Cash flow statements 193
4.2 Disclosures 194
5.1. The parent's view 198
5.2. The group's view 202
5.2.1. Step one - preparation for consolidation 203
5.2.2 Step two - consolidation 210
5.2.3. Bargain purchases 216
6 Special cases 217
6.1 Reverse acquisitions 217
6.2 Acquisitions achieved in stages 220
6.3 Obtaining control in special situations 222
6.3.1 Obtaining control without an acquisition or consideration 222
6.3.2 Exchange of equity interests 223
6.3.3 Mutual entities 223
6.4. Multi-component contracts 225
6.4.1. Regular employment contracts 227
6.4.2. Share-based payments as non-controlling interests 229
6.4.3 Share-based payment exchanges 230
6.5 Pre-existing relationships 231
6.5.1 Reacquired rights 239
6.6. Shares of the parent company 240
6.7. Non-material subsidiaries 241
F Subsequent consolidation 245
1.1. Preparation mechanics 248
1.2. Tasks & timing 249
Subsidiary preparation 253
Equity consolidation 263
3.1. Consolidation requirements 263
3.2. Consolidation techniques 266
3.3. Special cases 269
4.1. Intercompany relationships 271
4.2. Consolidation techniques 273
4.3. Differences 278
4.4. Preventative activities 282
4.4.1. Organizational aspects 282
4.4.2. Simple settlement 283
4.4.3. Netting 284
5.1. Intercompany relationships 287
5.2. Consolidation techniques 291
5.2.1. Profit & loss statement by function 292
5.2.2. Profit & loss statement by nature 299
5.2.3. Consolidation differences 308
6.1. Profit calculation 312
6.1.1. Purchased assets 313
6.1.2. Self-constructed assets 313
6.2. Transfer pricing 316
6.2.1. Basics 316
6.2.2. Profit and cost determination 329
6.2.3. Documentation and compliance 332
6.2.4. Application in group accounting 336
6.3. Consolidation techniques 337
7.1. Allocation of profit and loss 341
7.2. Consolidation techniques 343
7.3. Special cases 345
8.1. Valuation adjustments and remeasurements 346
8.2. Impairments 348
8.2.1. Basics 348
8.2.2. Impairment steps 350
8.2.3. Cash-generating units 362
8.2.4. Other issues 371
8.3. Netting 373
8.4. Reclassifications 374
9.1. Intercompany dividends 375
9.1.1. Basics 375
9.1.2. Ordinary profit distributions 378
9.1.3. Profit transfer agreements 379
9.2. Intercompany sale of non-current assets 380
9.3. Consolidation of multi-level groups 389
9.3.1. Characteristics of multi-level groups 389
9.3.2. Consolidation techniques 391
9.3.3. Special cases 415
G Associated companies 425
1.1. The equity method 427
1.2. Preparation of and presentation in financial statements 427
2.1. Initial consolidation 430
2.1.1. Purchase price allocation 432
2.1.2. Consolidations 440
2.1.3. Issues around the initial consolidation 443
2.2. Subsequent consolidation 443
2.2.1 Adjustments 443
2.2.2. Equity accounting 448
2.2.3 Debt consolidation 450
2.2.4. Unrealized profits and income & expense consolidations 451
2.3. Disposals / Deconsolidation 456
2.3.1. The parent's view 457
2.3.2. The group's view 458
2.3.3. IFRS 5 and disposals of associated companies 466
Treatment of losses 469
Impairments 470
Special cases 471
5.1. Associates and cash-generating units 472
5.2. Partnership as associate 473
5.3. Non-material associate becomes materia…