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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.
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.
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).
List of figures xvii
List of tables xxiii
Preface xxvii
Introduction to the book xxix
A The case study 1
1. About the group 2
2. Allocation of examples 4
B Legal requirements for consolidated financial statements 9
1. IFRS standards 10
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
2. Exemptions 35
3. Local accounting standards 38
4. Taxation 39
5. Definitions 41
C Definition of Groups 43
1. The control concept 44
2. Joint control 55
3. Loss of control 61
4. Group compositions 65
5. 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
1. Lifecycle of subsidiaries 74
2. 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. The preparation process 98
3.1. Communication 102
3.2. Subsidiaries 103
3.3. Reporting 106
3.4. The parent 107
3.5. The group 107
4. Organization 110
E Initial consolidation 113
1. Basics 114
1.1. Valuation levels 116
1.2. The opening balance sheet 119
2. Mergers and acquisitions 128
2.1. The acquirer's view 130
2.2. The group's view 132
3. Purchase price allocation 136
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. Consolidation techniques 197
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. Basics 246
1.1. Preparation mechanics 248
1.2. Tasks & timing 249
2. Subsidiary preparation 253
3. Equity consolidation 263
3.1. Consolidation requirements 263
3.2. Consolidation techniques 266
3.3. Special cases 269
4. Debt consolidation 270
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. Consolidation of income and expenses 286
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. Unrealized profits 310
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. Non-controlling interests 341
7.1. Allocation of profit and loss 341
7.2. Consolidation techniques 343
7.3. Special cases 345
8. Group-level transactions 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. Special cases 375
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. Basics 426
1.1. The equity method 427
1.2. Preparation of and presentation in financial statements 427
2. Consolidation techniques 430
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
3. Treatment of losses 469
4. Impairments 470
5. Special cases 471
5.1. Associates and cash-generating units 472
5.2. Partnership as associate 473
5.3. Non-material associate becomes material 476
H Joint arrangements 479
1. Basics 480
2. Accounting and consolidation 489
2.1 Joint operations 489
2.2 Joint ventures 494
2.3 Interests in joint arrangements without joint control 495
3. Disposals / Deconsolidation 495
3.1 Joint operations 496
3.1.1 The parent's view 496
3.1.2 The group's view 499
3.2 Joint ventures 499
3.2.1 The parent's view 499
3.2.2 The group's view 500
3.3 IFRS 5 and disposals of joint arrangements 500
I Changes in control 501
1. Basics 502
2. The parent's view 504
3. Increase in investments 505
3.1. Financial investment to associate 506
3.2. Financial investment to joint venture 510
3.3. Financial investment to subsidiary 511
3.4. Associate to joint venture 515
3.5. Associate to subsidiary 515
3.6. Joint venture to subsidiary 525
4. Decrease in investments 527
4.1. Associate to financial investment 527
4.2. Joint venture to financial investment 533
4.3. Joint venture to associate 534
4.4. Subsidiary to financial investment 534
4.5. Subsidiary to associate 537
4.6. Subsidiary to joint venture 541
5. Acquisitions and disposals without changes in control 544
5.1. Financial investment 545
5.1.1. Step acquisitions 546
5.1.2. Partial disposals 547
5.2. Associate 548
5.2.1. Acquisitions and increases in capital 549
5.2.2. Partial disposals and decreases in capital 552
5.3. Joint venture 556
5.3.1. Retirement of parties 557
5.3.2. Acceptance of new parties 558
5.4. Subsidiary 559
5.4.1. Step acquisition 562
5.4.2. Partial disposals 564
6. Special cases 565
6.1. Discontinued operations 565
6.2. Deemed disposals 567
6.3. Other constitutions of control 567
J Disposals and deconsolidation 569
1. Basics 570
1.1 Transitional consolidation without external involvement 572
2. Control 573
3. Deconsolidation techniques 575
3.1 The parent's view 576
3.2 The group's view 578
3.2.1 Calculation of gains and losses 579
3.2.2 Asset and liability elimination 584
3.2.3 Goodwill 585
3.2.4 Other comprehensive income 588
3.2.5 Consolidation tasks 588
3.2.6 Journal entries 590
3.3. Special cases 598
3.3.1. Statement of cash-flow 598
3.3.2 Fixed asset schedule 599
3.3.3 Group-internal transactions 600
3.3.4 Multiple arrangements and misuse 600
4. Discontinued operations 601
4.1 Step 1 - IFRS 5 Check 603
4.2. Step 2 - The decision date 609
4.3. Step 3 - Measurement 610
4.3.1. Measurement scheme and timing 610
4.3.2. Individual assets 612
4.3.3. Disposal groups 616
4.3.4. Impairment losses 617
4.4. Step 4 - Life as a discontinued operation 619
4.4.1. Presentations 619
4.4.2. Subsequent measurement 623
4.5. Step 5 - Sale of discontinued operations 624
4.6. Step 6 - Deconsolidation 625
4.7. Special cases 627
4.7.1. Distributions to owners 627
4.7.2. Changes to sales plan, criteria not any longer met 627
4.7.3. Purchase of subsidiary for immediate sale 628
4.7.4. Disposal groups without any non-current assets 629
K Special areas 631
1. Currency translation of foreign...
| Erscheinungsjahr: | 2015 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Taschenbuch |
| Inhalt: | 856 S. |
| ISBN-13: | 9781118751411 |
| ISBN-10: | 1118751418 |
| Sprache: | Englisch |
| Einband: | Kartoniert / Broschiert |
| Autor: | Krimpmann, Andreas |
| Hersteller: |
Wiley
John Wiley & Sons |
| Maße: | 231 x 188 x 46 mm |
| Von/Mit: | Andreas Krimpmann |
| Erscheinungsdatum: | 02.06.2015 |
| Gewicht: | 1,52 kg |
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).
List of figures xvii
List of tables xxiii
Preface xxvii
Introduction to the book xxix
A The case study 1
1. About the group 2
2. Allocation of examples 4
B Legal requirements for consolidated financial statements 9
1. IFRS standards 10
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
2. Exemptions 35
3. Local accounting standards 38
4. Taxation 39
5. Definitions 41
C Definition of Groups 43
1. The control concept 44
2. Joint control 55
3. Loss of control 61
4. Group compositions 65
5. 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
1. Lifecycle of subsidiaries 74
2. 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. The preparation process 98
3.1. Communication 102
3.2. Subsidiaries 103
3.3. Reporting 106
3.4. The parent 107
3.5. The group 107
4. Organization 110
E Initial consolidation 113
1. Basics 114
1.1. Valuation levels 116
1.2. The opening balance sheet 119
2. Mergers and acquisitions 128
2.1. The acquirer's view 130
2.2. The group's view 132
3. Purchase price allocation 136
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. Consolidation techniques 197
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. Basics 246
1.1. Preparation mechanics 248
1.2. Tasks & timing 249
2. Subsidiary preparation 253
3. Equity consolidation 263
3.1. Consolidation requirements 263
3.2. Consolidation techniques 266
3.3. Special cases 269
4. Debt consolidation 270
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. Consolidation of income and expenses 286
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. Unrealized profits 310
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. Non-controlling interests 341
7.1. Allocation of profit and loss 341
7.2. Consolidation techniques 343
7.3. Special cases 345
8. Group-level transactions 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. Special cases 375
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. Basics 426
1.1. The equity method 427
1.2. Preparation of and presentation in financial statements 427
2. Consolidation techniques 430
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
3. Treatment of losses 469
4. Impairments 470
5. Special cases 471
5.1. Associates and cash-generating units 472
5.2. Partnership as associate 473
5.3. Non-material associate becomes material 476
H Joint arrangements 479
1. Basics 480
2. Accounting and consolidation 489
2.1 Joint operations 489
2.2 Joint ventures 494
2.3 Interests in joint arrangements without joint control 495
3. Disposals / Deconsolidation 495
3.1 Joint operations 496
3.1.1 The parent's view 496
3.1.2 The group's view 499
3.2 Joint ventures 499
3.2.1 The parent's view 499
3.2.2 The group's view 500
3.3 IFRS 5 and disposals of joint arrangements 500
I Changes in control 501
1. Basics 502
2. The parent's view 504
3. Increase in investments 505
3.1. Financial investment to associate 506
3.2. Financial investment to joint venture 510
3.3. Financial investment to subsidiary 511
3.4. Associate to joint venture 515
3.5. Associate to subsidiary 515
3.6. Joint venture to subsidiary 525
4. Decrease in investments 527
4.1. Associate to financial investment 527
4.2. Joint venture to financial investment 533
4.3. Joint venture to associate 534
4.4. Subsidiary to financial investment 534
4.5. Subsidiary to associate 537
4.6. Subsidiary to joint venture 541
5. Acquisitions and disposals without changes in control 544
5.1. Financial investment 545
5.1.1. Step acquisitions 546
5.1.2. Partial disposals 547
5.2. Associate 548
5.2.1. Acquisitions and increases in capital 549
5.2.2. Partial disposals and decreases in capital 552
5.3. Joint venture 556
5.3.1. Retirement of parties 557
5.3.2. Acceptance of new parties 558
5.4. Subsidiary 559
5.4.1. Step acquisition 562
5.4.2. Partial disposals 564
6. Special cases 565
6.1. Discontinued operations 565
6.2. Deemed disposals 567
6.3. Other constitutions of control 567
J Disposals and deconsolidation 569
1. Basics 570
1.1 Transitional consolidation without external involvement 572
2. Control 573
3. Deconsolidation techniques 575
3.1 The parent's view 576
3.2 The group's view 578
3.2.1 Calculation of gains and losses 579
3.2.2 Asset and liability elimination 584
3.2.3 Goodwill 585
3.2.4 Other comprehensive income 588
3.2.5 Consolidation tasks 588
3.2.6 Journal entries 590
3.3. Special cases 598
3.3.1. Statement of cash-flow 598
3.3.2 Fixed asset schedule 599
3.3.3 Group-internal transactions 600
3.3.4 Multiple arrangements and misuse 600
4. Discontinued operations 601
4.1 Step 1 - IFRS 5 Check 603
4.2. Step 2 - The decision date 609
4.3. Step 3 - Measurement 610
4.3.1. Measurement scheme and timing 610
4.3.2. Individual assets 612
4.3.3. Disposal groups 616
4.3.4. Impairment losses 617
4.4. Step 4 - Life as a discontinued operation 619
4.4.1. Presentations 619
4.4.2. Subsequent measurement 623
4.5. Step 5 - Sale of discontinued operations 624
4.6. Step 6 - Deconsolidation 625
4.7. Special cases 627
4.7.1. Distributions to owners 627
4.7.2. Changes to sales plan, criteria not any longer met 627
4.7.3. Purchase of subsidiary for immediate sale 628
4.7.4. Disposal groups without any non-current assets 629
K Special areas 631
1. Currency translation of foreign...
| Erscheinungsjahr: | 2015 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Taschenbuch |
| Inhalt: | 856 S. |
| ISBN-13: | 9781118751411 |
| ISBN-10: | 1118751418 |
| Sprache: | Englisch |
| Einband: | Kartoniert / Broschiert |
| Autor: | Krimpmann, Andreas |
| Hersteller: |
Wiley
John Wiley & Sons |
| Maße: | 231 x 188 x 46 mm |
| Von/Mit: | Andreas Krimpmann |
| Erscheinungsdatum: | 02.06.2015 |
| Gewicht: | 1,52 kg |
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