Group Accounting
Presenting group activity as a single entity requires a methodical approach. It is a complex process, changing with group size and status, and getting the consolidated financial statements right can be a challenge. This course explores the issues and assesses the risks and responsibilities of a group audit.
£100 +VAT
Group Accounting
£100 +VAT
This course will enable you to
- Define group structures and be aware of who must prepare group accounts
- Prepare consolidated financial statements
- Understand how group status changes depending on acquisitions and disposals
- Grasp the complexities of audit planning for a group
About the course
Group accounting aims to enable all involved companies to present as a single entity. This requires a methodical approach, particularly as complexity increases with the group’s size and changes in control of subsidiaries. The preparation of consolidated financial statements therefore presents challenges, necessitating consistent group-wide controls.
This course explores the structure of groups and how varying levels of percentage ownership interest can impact relationships between group members. It summarises the strategy needed for group audits, detailing how the group audit engagement team interacts with component auditors to avoid risks of material misstatement, and highlights the common errors and assumptions made during group audits.
Please Note: This course only covers UK regulations
Contents
An introduction to group accounting
Defining group accounting
When to prepare?
Mandatory group accounting
Voluntary preparation
Auditing group accounts
Initial preparation of group accounts
The purpose of eliminations
Eliminating intra-group transactions
Preparing consolidated financial statements
Consolidated income statement/profit and loss account
Consolidated statement of financial position
Consolidated statement of cash flows
Additional cash flow considerations
Acquisitions and disposals
Acquisition of a subsidiary
Alternative acquisitions
Disposal of a subsidiary
Deemed disposals
Partial disposal – control lost
Auditing group financial statements
Planning a group audit
Component auditors
Responsibilities
Auditing group accounts
Auditing the consolidation
Common problems
How it works
Author
Steve Collings
Steve is Director at Leavitt Walmsley Associates, a firm of Certified Chartered Accountants. He is an internationally recognised speaker, writer and commentator on all matters to do with financial reporting and auditing. Steve is a prolific author, having written over 25 books and currently represents the North West of England on ACCA”s Practice Network Panel.
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