Understanding & Preparing Consolidated Financial Statements

The main purpose of this 2 days seminar is to provide an understanding and guidance on the preparation of consolidated financial statements. The seminar aims to highlight the potential application problems and to provide a forum for discussion.

Contents:

Subsidiaries, Associates and Joint Ventures

• Consolidation requirements and procedures
• Identifying "control"
• Treatment of minority interests
• Reporting dates (coterminous and non-coterminous)
• Consolidating special purpose entities
• Consolidating foreign subsidiaries or foreign operations
• Investments in Associates
• Determining "significant influence"
• Application of the equity method of accounting
• Parties in joint ventures
• Determining joint control
• Understanding proportional consolidation method
• Identification and accounting for each type of joint venture
• Complex group structures
• Accounting for subsidiaries, associates and jointly controlled entities in the separate financial statements
• Increases and decreases of interests in subsidiaries without change of control
• Changes in stakes:
  • Acquisition in stages
  • Disposal of subsidiaries
  • Bonus issue
  • Right issues
• Consolidating subsidiaries held for sale
• IC interpretation 112 Consolidation - Special Purpose Entities
• Reverse consolidation procedures

Foreign Aspects

• Consolidating a foreign operations
• Handling hyperinflation in foreign operations

Target Audience:

All

CPD Code:

080813PG1

Speaker's profile

Danny, Tan Boon Wooi

Danny has over 25 years of working experience in public practice, commerce and industry. He was trained with a firm of Chartered Accountants in London where he worked for over 10 years in the audit and consultancy. He also held the positions of business development and business operation manager with two UK multinational companies based in London for 5 years. Upon returning to Malaysia in 1996 he took up the position as an audit manager with a firm of accountants.

He is currently the partner of a firm providing financial training and consulting for firms in public practice and industry. Danny specialises in International Financial Reporting Standards as well as UK and Malaysian GAAP. He is an experienced speaker in financial reporting and financial statement analysis for several professional institutions and public listed companies in Malaysia and overseas. Danny also serving as a project manager to the Malaysian Accounting Standard Board in working group WG 48 Government Grants; WG 53 Performance Reporting; WG 54 Financial Reporting by Small and Medium Entities (SME); WG 61 Fair Value Measurement Guidance.

Danny holds an Honours Degree in Economics (major in finance and investment) from Manchester Metropolitan University (UK), MBA from Heriot-Watt University (UK) and Master in Advance Business Practice from University of South Australia. He is a member of Malaysian Institute of Accountants, a fellow member of Chartered Instituted of Management Accountants, a fellow member of Association of Chartered Certified Accountants and an associate member of Malaysian Institute of Taxation.