Course Detail(A204 : Consolidation Basic Training: From Equity Accounting to Full Consolidation (FRS 110, FRS 111 and FRS 112))

SDF Funding, SkillsFuture Credit

A204 : Consolidation Basic Training: From Equity Accounting to Full Consolidation (FRS 110, FRS 111 and FRS 112)

7.00 CPE Hours (Category 1)
Classroom

In view of the COVID-19 situation, selected ISCA’s CPE courses/sessions will be delivered via Live Webinar. Please do check the details before confirming your registration for the course/session.

The live webinar session is eligible for SkillsFuture Singapore (SSG) funding.
Please proceed to submit your claim application as per usual as there are no changes to funding application procedures. On SSG portal, please take note to select the correct course title, which includes the term "Synchronous e-learning".

 

Programme Objective

The basic consolidation training will focus on explaining how to do consolidation for all kinds of associated companies ranging from joint operations to subsidiaries. Starting from the initial recognition of a subsidiary in the group financial statement.  Leading up to the subsequent consolidation entries for the future years to come.

The training will give a comprehensive introduction into the new concepts of identifying control (FRS 110) highlighting the importance of review of potential voting rights, de-facto control and contractual agreements between shareholders. Furthermore the training will focus on the new concept of joint arrangements (FRS 111) and highlight practical applications and pitfalls in the consolidation methodology of single asset and liabilities consolidation as well as equity accounting.

Programme Outline

1. Consolidation Framework (Who has to consolidate?)
 (New Standards FRS110, FRS111 and FRS112)

  • Consolidated Financial Statements – Subsidiaries And Associates
  • Determining Control And Significant Influence
  • Consolidation Requirements And Procedures

 
Individual Consolidation techniques (from Associates to Subsidiaries)
 
2. Identification And Consolidation Of Associates

  • Equity Accounting Requirements And Procedures
  • Disclosures

 
3. Identification And Consolidation Of Joint Ventures (Joint Arrangements)

  • Equity Accounting Requirements And Procedures
  • Disclosures

 
4. Acquisition Accounting – Consolidation of Subsidiaries FRS 27 (R)

  • Year one consolidation
  • Recognizing And Measuring Identifiable Assets Acquired, Liabilities Assumed
    • Contingent Liabilities
    • Leasing Contracts
    • Intangible Assets
    • Deferred tax in group FS
  • Recognition Of Non-Controlling Interest
  • Recognizing And Measuring Goodwill Or A Gain From A Bargain Purchase
  • Year two etc. (following the initial consolidation)

 
5. Recurring consolidation procedures concerning intercompany loans & Receivables, profit and losses, foreign currency
 
6. Benefits

  • Practical Issues: Examine practical issues faced by companies when accounting for consolidation
  • Application: Answer questions commonly encountered when implementing a consolidation
  • Updates: Stay up-to-date with the latest developments in this area

 
Training Methodology
Lecture style, with Exercises / Case Studies
 
Closing Date for Registration
1 week before programme or until full enrolment

Intended For

A Foundation Level programme for Accountants,Auditors, Finance Managers & Directors, Chief Financial Officers and Financial Controller and anyone who needs to prepare and verify the appropriateness of consolidated financial statements

Competency Mapping

Category 1 = 7.00 Hours

Schedule & Fees

Date & Time

18 Sep 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Michel Herrmann

Date & Time

30 May 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Michel Herrmann

Date & Time

04 Dec 2018 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Michel Herrmann

Testimonial

Funding

1] SkillsFuture Credit (SFC)
Funding Period: Until 22 Jul 2021
Course Reference Number: TGS-2020505516

All Singaporeans aged 25 and above will receive an opening credit of S$500 from the government. You may wish to use your SFC to pay for partial/full ISCA course fees. 

On 1 Oct 2020, the Government provided a one-off SkillsFuture Credit Top-up of $500 for all eligible Singaporeans aged 25 or above by 31 Dec 2020. Singaporeans aged 40 to 60 by 31 Dec 2020 will also receive an Additional SkillsFuture Credit (Mid-Career Support) of $500 which can be used for courses under: (i) SGUnited Skills Programme, (ii) SGUnited Mid-Career Pathways Programme – Company Training, and (iii) Career Transition Programmes. This additional SFC (Mid-Career Support) is NOT applicable for use on ISCA courses. (For more information on the SFC scheme, please visit http://www.skillsfuture.sg/credit)

If you wish to enrol for the course with SFC Funding, please proceed with the following steps:

Failure to submit claim application and obtain necessary approval before the course start date will result in topping up of the SFC indicated for use. Please note that there will be an administrative fee of $42.80 for any revision of invoice.


2] WDA Training Grant - SDF Funding
This course is approved for SDF funding ($2 per training hour) for Company-sponsored participants only (Eligibility criteria apply). 

Funding Period: Until 22 Jul 2021
Funded Hours: 7 hours
Course Reference Number: TGS-2020505516

If you wish to enrol participants with SDF Funding, please proceed with the following steps (For Corporate enrolments only) :

  • Step 1: Register for the course online via ISCA Portal. Upon adding to cart, the system will prompt a question “Do you wish to apply for WDA Funding?”, click Yes and input all required information. At the Cart page, please ensure that SDF funding is applied before clicking “Checkout”.
     

 

For course run start date before 1 Nov 2020, submit training grant application in SCN until 30 Nov 2020.

For course run start date on or after 1 Nov 2020, Enterprises/employers are NOT required to log into TPGateway/SCN to submit training grant.

Remarks

Step 2: After receiving email that the programme status is confirmed, please proceed to submit the Training Grant application via SkillsConnect Portal (https://www.skillsconnect.gov.sg/).

Employers of company-sponsored participants must submit training grant via SkillsConnect to obtain training grant for course fees. You may submit the Training Grant application within the period from 30 days before the course start date to 30 days after course start date.

The employee’s enrolment, attendance and assessment recordswill be submitted by ISCA onto TPGateway.


Please note that there will be an administrative fee of $42.80 for any revision of invoice.

Eligibility Criteria:

  • Company must be registered or incorporated in Singapore and;
  • Applicant is taking the course for the first time.
  • Applicant must be employed, and is either Singapore Citizen or Permanent Resident of Singapore and;
  • Applicant must achieve at least 75% attendance, and pass all examinations /assessments and;
  • Applicant must be fully sponsored by the Company for all costs associated with the training and;
  • Payment has to be made via corporate means (e.g. corporate cheque, corporate GIRO, corporate credit card).

Programme Facilitator(s)


Michel Herrmann
WP, StB, CPA (US and Singapore)

 
Michel has accumulated over 10 years experience in accounting advisory and was with PricewaterhouseCoopers since 2001. He has gained extensive experience in advising multinational companies with complex accounting and tax structures, specializing on accounting issues and structuring in the areas of business combinations, revenue recognition, deferred tax and financial instruments.
While working in Germany, Michel was a member of the German technical accounting group and also a frequent guest speaker at the University of Giessen and the national convention of German CPAs. Michel has co-authored several publications on international accounting. He graduated with a MBA from the University of Mannheim, and is qualified as a US-CPA, SG-CPA, German tax advisor and German CPA.

In view of the COVID-19 situation, selected ISCA’s CPE courses/sessions will be delivered via Live Webinar. Please do check the details before confirming your registration for the course/session.

The live webinar session is eligible for SkillsFuture Singapore (SSG) funding.
Please proceed to submit your claim application as per usual as there are no changes to funding application procedures. On SSG portal, please take note to select the correct course title, which includes the term "Synchronous e-learning".

 

Programme Objective

The basic consolidation training will focus on explaining how to do consolidation for all kinds of associated companies ranging from joint operations to subsidiaries. Starting from the initial recognition of a subsidiary in the group financial statement.  Leading up to the subsequent consolidation entries for the future years to come.

The training will give a comprehensive introduction into the new concepts of identifying control (FRS 110) highlighting the importance of review of potential voting rights, de-facto control and contractual agreements between shareholders. Furthermore the training will focus on the new concept of joint arrangements (FRS 111) and highlight practical applications and pitfalls in the consolidation methodology of single asset and liabilities consolidation as well as equity accounting.

Programme Outline

1. Consolidation Framework (Who has to consolidate?)
 (New Standards FRS110, FRS111 and FRS112)

  • Consolidated Financial Statements – Subsidiaries And Associates
  • Determining Control And Significant Influence
  • Consolidation Requirements And Procedures

 
Individual Consolidation techniques (from Associates to Subsidiaries)
 
2. Identification And Consolidation Of Associates

  • Equity Accounting Requirements And Procedures
  • Disclosures

 
3. Identification And Consolidation Of Joint Ventures (Joint Arrangements)

  • Equity Accounting Requirements And Procedures
  • Disclosures

 
4. Acquisition Accounting – Consolidation of Subsidiaries FRS 27 (R)

  • Year one consolidation
  • Recognizing And Measuring Identifiable Assets Acquired, Liabilities Assumed
    • Contingent Liabilities
    • Leasing Contracts
    • Intangible Assets
    • Deferred tax in group FS
  • Recognition Of Non-Controlling Interest
  • Recognizing And Measuring Goodwill Or A Gain From A Bargain Purchase
  • Year two etc. (following the initial consolidation)

 
5. Recurring consolidation procedures concerning intercompany loans & Receivables, profit and losses, foreign currency
 
6. Benefits

  • Practical Issues: Examine practical issues faced by companies when accounting for consolidation
  • Application: Answer questions commonly encountered when implementing a consolidation
  • Updates: Stay up-to-date with the latest developments in this area

 
Training Methodology
Lecture style, with Exercises / Case Studies
 
Closing Date for Registration
1 week before programme or until full enrolment

Intended For

A Foundation Level programme for Accountants,Auditors, Finance Managers & Directors, Chief Financial Officers and Financial Controller and anyone who needs to prepare and verify the appropriateness of consolidated financial statements

Competency Mapping

Category 1 = 7.00 Hours

Programme Facilitator(s)

Michel Herrmann
WP, StB, CPA (US and Singapore)

 
Michel has accumulated over 10 years experience in accounting advisory and was with PricewaterhouseCoopers since 2001. He has gained extensive experience in advising multinational companies with complex accounting and tax structures, specializing on accounting issues and structuring in the areas of business combinations, revenue recognition, deferred tax and financial instruments.
While working in Germany, Michel was a member of the German technical accounting group and also a frequent guest speaker at the University of Giessen and the national convention of German CPAs. Michel has co-authored several publications on international accounting. He graduated with a MBA from the University of Mannheim, and is qualified as a US-CPA, SG-CPA, German tax advisor and German CPA.

Upcoming Schedule

Registration is closed

Date & Time

18 Sep 2019 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 345.61
For Non-Members: $ 415.16

Programme Facilitator(s)

Michel Herrmann

Venue

60 Cecil Street
ISCA House
Singapore 049709