Date: 31 October 2023
Fees: RM690.00 nett
Remote Online Training (Microsoft Teams)
Basic Introduction To The Preparation Of Consolidated Financial Statements (For Beginners)
INTRODUCTION
Consolidated financial statements or the Group accounts is an integral part of corporate reporting in a group of companies. It is a critical statement as it can provide a macro and comprehensive view of a group’s financial position by combining financial data from all its subsidiaries and merge it to the parent company for reporting purposes.
There are considerable challenges when preparing group consolidated financial statements, in particularly with the changes in the controlling and non-controlling interests, profit allocation and goodwill.
Having a sound basic understanding of the whole group consolidation process and subsequent events is critical to display a clear insight into the group financial performance and fulfilling the MFRS reporting requirements.
OBJECTIVE:
- Identify the group structure and the relationship among the entity members.
- What is a group consolidated accounts.
- The basic preparation process of consolidated financial statements.
HOW WILL YOU BENEFIT:
At the end of this training session, participants will learn the following:
- The framework of the group structure and the entities relationship within the group
- Basic requirements and fundamental procedures when preparing consolidated accounts
METHODOLOGY:
Lecture (physical/online), power point presentation, questions & answers session
WHO SHOULD ATTEND:
- Accounts Supervisor
- Accounts Executive
- Audit Executive
- Those who wish to learn about basic Consolidated Accounts
Suitable and relevant to industries in the manufacturing, services, retail, trading, construction, logistic, IT, tourism, hospitality and international businesses
Course Outline
Module 1: Introduction to Group Accounts
- Definition of business and business combinations.
- Relevant MFRS on group consolidation.
- Identifying both the acquirer/investor and the acquiree/investee.
- When is the acquisition takes place and what are the consideration transferred.
- Who has to prepare consolidated financial statements.
- Who is exempted from group accounts.
Module 2: Identifying Assets acquired and Liabilities assumed upon acquisition
- The Acquisition Method
- Principles in measuring assets and liabilities acquired
- Recognition value of assets and liabilities acquired in the books
Module 3: Goodwill on Consolidation
- What is goodwill on consolidation
- Types of goodwill – Positive & Negative goodwill (Bargain Purchase)
- Calculation and measurement of goodwill
- Recognition value of goodwill in the books
Module 4: Non-Controlling Interest (NCI)
- What is non-controlling interest (NCI)
- Calculation and measurement of NCI
- Recognition value of NCI in the books
Module 5: Pre Acquisition & Post-Acquisition era
- Identifying transactions in pre-acquisition period
- Identifying transactions in post-acquisition period
- Impairment of goodwill in post-acquisition period
- Updating of NCI in post-acquisition period
- Intra-group transactions
Module 6: Basic Practical consolidation exercise
- Consolidation Steps
- Preparation of consolidated statement of financial position
- Preparation of consolidated statement of profit or loss and comprehensive income
- Preparation of consolidated statement of changes in equity
- Disclosure of notes to the financial statements
Trainer’s Profile
Ms. Wong Seong Yee, Sharon is a member of Malaysian Institute of Accountant (“MIA”) and Association of Chartered Certified Accountants (“ACCA”). She has more than 20 years of experience in the field of Finance, Accounting and Taxation. She started work in a medium size audit firm. Thereafter, she held various senior finance positions with MNCs and public listed company, including Ann Joo Resources Berhad and Panasonic Manufacturing. She had vast experience in preparing and reviewing management reports, budget, forecast, cash flow management and as well as corporate taxation matters.
While she was engaged with Panasonic Manufacturing (M) Bhd, she was the person in-charge of the preparation of Transfer Pricing documentation (TPD). While preparing the TPD, she worked together with one of the well-known Big 4 professional firm to compile all necessary supporting and facts, up to the completion of the TPD submission to Lembaga Hasil Dalam Negeri (LHDN).
She has attended Royal Malaysian Customs’ GST training and passed customs MyGCAP examination (GST accredited program) and she is currently KAC Advisory Services’s accounting and indirect tax trainer and speaker for public talks and in-house training courses. She is also a HRDF certified trainer.
Since the announcement of implementation of New Sales & Services Tax (SST), Sharon has conducted public trainings in other states like Melaka and received good reviews. She also provided in-house training for corporates relating to SST.