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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:
* IFRS 10 Consolidated Financial Statements
* IFRS 11 Joint Arrangements.
* IFRS 12 Disclosure of Interests in Other Entities
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.
Sommario
List of figures xiv
List of tables xvii
Preface xix
Introduction to the book xx
A The case study 1
1. About the group 1
2. Allocation of examples 1
B Legal requirements for consolidated financial statements 4
1. IFRS standards 5
2. Exemptions 18
3. Local accounting standards 19
4. Taxation 20
5. Definitions 21
C Definition of groups 22
1. The control concept 23
2. Joint control 28
3. Loss of control 31
4. Group compositions 33
5. Special cases 34
D Preparation of consolidated financial statements and annual reports 37
1. Lifecycle of subsidiaries 38
2. Structures 39
3. The preparation process 48
4. Organization 54
E Initial consolidation 55
1. Basics 56
2. Mergers and acquisitions 62
3. Purchase price allocation 66
4. Other aspects of purchase price allocations 94
5. Consolidation techniques 96
6. Special cases 107
F Subsequent consolidation 121
1. Basics 122
2. Subsidiary preparation 125
3. Equity consolidation 131
4. Debt consolidation 136
5. Consolidation of income and expenses 144
6. Unrealized profits 156
7. Non-controlling interests 170
8. Group-level transactions 173
9. Special cases 186
G Associated companies 213
1. Basics 214
2. Consolidation techniques 216
3. Treatment of losses 236
4. Impairments 237
5. Special cases 238
H Joint arrangements 242
1. Basics 243
2. Accounting and consolidation 246
3. Disposals / Deconsolidation 249
I Changes in control 253
1. Basics 254
2. The parent's view 254
3. Increase in investments 255
4. Decrease in investments 266
5. Acquisitions and disposals without changes in control 275
6. Special cases 285
J Disposals and deconsolidation 288
1. Basics 289
2. Control 290
3. Deconsolidation techniques 291
4. Discontinued Operations 306
K Special areas 320
1. Currency translation of foreign operations 321
2. Deferred taxes in groups 334
3. Cash flow statements 344
4. Partnerships 350
5. Restructuring of groups 352
L Management consolidation 361
1. Basics 362
2. Business units 363
3. Projects and cost units 368
4. Dependency between management consolidations and consolidated financial statements 370
M Consolidated financial statements 371
1. Basics 372
2. Statements 372
3. Notes & group disclosures 373
4. Management report 377
Appendix I: Fair value measurement ccclxxix
1. History ccclxxix
2. Definition ccclxxx
3. Measurement ccclxxxi
4. Measurement techniques for selected assets and liabilities ccclxxxiii
Appendix II: IFRS - US-GAAP comparison ccclxxxv
Appendix III: IFRS ccclxxxviii
1. List of IFRS ccclxxxviii
2. IFRIC and SIC interpretations ccclxxxix
Reference list cccxci
Glossary cccxcii
Index cccxcvi
Info autore
Andreas Krimpmann ist Inhaber einer Unternehmensberatung für Finanzwesen, Rechnungswesen und Controlling. Er ist Dozent an der Technischen Fachhochschule Berlin und Mitglied der IFRS-Projektgruppe im Internationalen ControllerVerein e.V.
Riassunto
A professional perspective to implementing IFRS 10, 11, and 12 The new International Financial Reporting Standards (IFRS) 10, 11, and 12 are changing group accounting for many businesses.
