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Preparing Consolidated Financial Statements Under Us GAAP & IFRS

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Before starting this self study program, please go through the instructional document.

Overview

  • When should an entity consolidated the financial statement of another entity?
    3 mins
  • The principle of control under IFRS 10
    11 mins
  • Fair Value Adjustment Entry in Parent's Consolidation Worksheet
    25 mins
  • Consolidated Financial Statements Definition
    42 mins
  • Consolidated Profit & Loss Statement
    61 mins
  • Intragroup transactions
    76 mins

Course Description

Consolidated financial statements are prepared by using uniform accounting policies for like transactions and events in similar circumstances for all of the entities in a group. These are the significant differences between U.S. GAAP and IFRS with respect to consolidations.

In general, the consolidation of financial statements requires a company to integrate and combine all of its financial accounting functions together in order to create consolidated financial statements that show results in the standard balance sheet, income statement, and cash flow statement reporting. 

This online CPE webinar covers the following key topics:

  • A step-by-step explanation of the consolidation process
  • Consolidation process in case of a Subsidiary's acquisition transaction
  • Recognition of goodwill or the bargain purchase gain, 
  • Technical aspects of consolidating the financial position, and profit & loss statement including elimination conditions and the recognition of Non-controlling Interest (NCI).

This continuing education course depends on a case study that simplifies the theory behind the following standards: - ASC 805 Business Combinations, ASC 810 Consolidation, International Financial Reporting Standard (IFRS) 3 Business Combination, and IFRS 10 Consolidated Financial Statements.


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Learning Objectives

  • To identify the subsidiary's acquisition transaction, subsidiary's net assets fair value.
  • To recognize the purchase consideration, goodwill, and the gain from a bargain purchase.
  • To explore the technical aspects of consolidating the financial statements of a subsidiary entity, including the elimination conditions and non-controlling interest recognition.

Who Should Attend?

  • Accountant
  • Accounting and audit managers/practitioners
  • Accounting Firm
  • Accounting Managers
  • Accounts Director
  • Auditors
  • Bookkeepers & Accountants & Tax Preparers
  • Certified Management Accountant
  • Certified Valuation Analysts
  • CFO/Controller
  • Chief Accounting Officer
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Director of Financial Reporting
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA