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Consolidated Financial Statements: A Step-by-step Approach (2nd Edition)

Consolidated Financial Statements: A Step-by-step Approach (2nd Edition)

Paul Mahony and Niall MacLochlainn

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The preparation and presentation of consolidated financial statements is a large and complex area of study which forms an integral part of the financial accounting/corporate reporting syllabi of the accountancy bodies and most accounting, commerce and business studies degree programmes.

Written and designed to make consolidation more approachable for the student, this book leads the reader, using a step-by-step approach, through the consolidation of financial statements, supported by numerous examples, comprehensive questions and fully worked solutions including those from past professional accountancy examination papers.

This 2nd edition is updated to reflect the new and revised international accounting standards relating to consolidated financial statements. Specifically, the 2nd edition of this textbook incorporates changes required by the following standards:

  • IFRS 10 Consolidated Financial Statements though the procedures for consolidating a subsidiary have not changed, this standard has changed the definition of 'control' thereby determining whether an entity is a subsidiary, or not. 
  • IFRS 3 Business Combinations with particular emphasis: on (a) measuring and accounting for goodwill or a gain from a bargain purchase; (b) measuring the value of non-controlling interests at the date of acquisition; and (c) recognising and measuring assets acquired and liabilities assumed in an acquisition. 
  • IFRS 11 Joint Arrangements which classifies all such arrangements as either joint operations or joint ventures. Discussion on how to distinguish between a joint operation and a joint venture is a key focus of the text in this regard. 
  • IFRS 12 Disclosure of Interests in Other Entities which requires new disclosures by an entity that has an interest in subsidiaries, associates or joint arrangements. 
  • IAS 28 Investments in Associates and Joint Ventures which requires that an entity with joint control of, or significant influence over, an investee will account for its investment in a joint venture or an associate using the equity method. 

Other key features of the 2nd edition include:

  • Chapters have been re-ordered to improve clarity. 
  • Advice on how to approach examination questions on consolidation (included in Appendix 1) 
  • New worked examples and solutions throughout the text.
  • A new large, comprehensive question requiring the preparation and presentation of a consolidated: 
    • Statement of Financial Position; 
    • Statement of Profit or loss and Other Comprehensive Income; 
    • Statement of Changes in Equity involving a parent, a subsidiary and a joint venture. 
  • The solution to every question in the text requiring the preparation of a consolidated statement of financial position now contains a comprehensive set of journal entries dealing with the consolidation procedures and all the ‘complications’ contained in the question. 
  • As with the 1st edition, workings for questions and worked examples requiring the preparation of a consolidated statement of financial position are again presented using both the more traditional T account method and the columnar method now adopted by many lecturers and students. The comprehensive sets of journal entries mentioned above apply to both methods.

Additional Information

Author Paul Mahony and Niall MacLochlainn
Publisher Chartered Accountants Ireland
Publication date 17 Sep 2013
Format Paperback
ISBN/EAN 9781908199478

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