The format of this course is a Live Webinar. A detailed set of instructions on the Live Webinar will be sent to you closer to date.

Programme Objective

Accounting for group consolidation is based on the economic entity model as opposed
to the previous parent entity model. Expect changes to concepts and accounting
resulting from the use of the economic entity model.

Participants will learn to:

• apply the underlying principles of business combinations;
• apply the concept changes arising from the economic model and the appropriate consolidation adjustments in line with the revised FRS 103 and FRS 110; and
• the disclosure requirements of FRS 112. 

 

Programme Outline

Day 1: 

Guiding principles

• Introduction to FRS 110, MFRS 103 (revised) and FRS 27 (revised)
• Principles underlying these revised standards – scope and objectives
• Control redefined under FRS 110

The economic entity model

• Identifying a business combination
• Applying acquisition method of accounting for a business combination – fair value adjustments and goodwill on consolidation
• Recognising and measuring identifiable assets acquired and the liabilities assumed in a business combination
• Accounting for non-controlling interests (NCI) of an acquire
• Appropriate consolidation adjustments for a business combination

Post combination accounting

• Elimination of intercompany transactions
• Concept of elimination of unrealized profits in group situations

The acquisition life cycle

• Step acquisition and partial disposals
  • control achieved in one or more transactions
  • transactions between parent and NCI

Day 2:

The acquisition life cycle

• Step acquisition and partial disposals
  • disposal of a controlling interest but retaining a non-controlling residual interest
  • disposal of an associate or a jointly controlled entity but retaining a financial asset

Complex group structures

• Indirect subsidiaries
  • Acquisition of indirect subsidiaries
  • Step acquisition

Related standards to apply

• FRS 36 – Impairment of Assets
• FRS 105 - Non-current Assets Held for Sale and Discontinued Operations
• What’s new in FRS 111 – Joint Arrangements
• Recognition criteria for interests in joint arrangements and associates
• Equity method of accounting

Pre-requisites

Please take note of the following admission requirements:

• Trainings will be conducted on Zoom platform, thus video camera and microphone are compulsory
• Mandatory for video camera to be turned on throughout the course
• Display your official name (as per NRIC) in Zoom, to facilitate attendance taking

Training Methodology
Lecture style, with Practical Exercises using excel worksheet.


Closing Date for Registration
1 week before programme or until full enrolment.
 

Intended For

An Intermediate to Advanced level programme intended for both Accountants and Finance Professionals

Programme Facilitator(s)