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2023年7月12日 · After summaries of standards related to consolidation and group accounts, I’d like to show you how to prepare consolidated financial statements step by step. I’ll do it on a case study, with explaining what I do and why. If you don’t like reading, you can skip to the end of this article and watch my video.
This article focuses on some of the main principles of consolidated financial statements that a candidate must be able to understand and gives examples of how they may be tested in objective test questions (OTs) and multi-task questions (MTQs).
Prepare the necessary consolidation journal entries to combine the financial information of the subsidiary entities with that of the parent company. These entries typically involve adjusting balances, recording intercompany transactions, eliminating intra-group transactions, and recognizing non-controlling interest.
determining which entities are consolidated in the consolidated financial statements. The HKFRS also sets out the accounting requirements for the preparation of consolidated financial statements.
2023年6月26日 · Consolidation evaluations always begin with the Variable Interest Model, which applies to all entities, with certain limited exceptions. The Variable Interest Model focuses on identifying the reporting entity with power to make the decisions that most significantly
After the initial measurement, the assets, liabilities, and noncontrolling interests of a consolidated VIE shall be accounted for in consolidated financial statements as if the VIE were consolidated based on voting interests.
IFRS 10 outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. Control requires exposure or rights to variable returns and the ability to affect those returns through power over an investee.
