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ConsolidationMethod2Definitions–AASB127Para.4ConsolidatedFinancialStatementsarethefinancialstatementsofagroupprese

ntedasthoseofasingleeconomicentityGroup–aparentandallitssubsidiariesParententity–anentitythathasoneormoresubsidiarie

sSubsidiary–anentityincludinganunincorporatedentitysuchasapartnership,thatiscontrolledbyanotherentity3Nature

ofconsolidatedfinancialstatementsConsolidatedstatementsarethecombinedfinancialstatementsfora‘group’.AASB3B

usinessCombinationsAppendixAbusinesscombination“Thebringingtogetherofseparateentitiesorbusinessesintoonereportingentity

”4AppendixAbusinessdefinedas:Anintegratedsetofactivitiesandassetsconductedandmanagedforthepurposeofproviding:(a)Areturntoinvestors;or(b)lo

wercostsorothereconomicbenefitsdirectlyandproportionatelytopolicyholdersorparticipants.5◼Theacquisitionofan

entitycontrastswiththeacquisitionofagroupofassets.◼AccountingforagroupofassetsisbasedonAASB116Property,PlantandEq

uipment.6Consolidatedfinancialstatementsprovideinformationonthefinancialperformanceandpositionofmultipleentitieswhicharetre

atedasasinglereportingentity.Thesestatementsshowonlytheresultsoftransactingwithpartiesexternaltotheeconomicentity.7Natureof

consolidatedfinancialstatements◼Theconsolidatedfinancialstatementsareproducedusingtheinformationcontainedinthefinancialstat

ementsoftheentitieswithintheeconomicentity,howevertheaccountsoftheindividualentitiesarenotaffected◼Theconsolidatedfinancialstatementsconsistof:-Conso

lidatedstatementofcomprehensiveincome,-Consolidatedstatementofchangesinequity-Consolidatedstatementoffinancialpositio

n.8NatureofconsolidatedfinancialstatementsWhohastoprepareconsolidatedfinancialstatements?AASB3para17:“Anacquirershal

lbeidentifiedforallbusinesscombinations.Theacquireristhecombiningentitythatobtainscontroloftheothercombiningen

titiesorbusinesses.”9AASB3AppendixAReportingentity-Anentityinrespectofwhichitisreasonabletoexpecttheexistence

ofuserswhorelyontheentity’sgeneralpurposefinancialreportforinformationthatwillbeusefultothemformakingandevaluatingdecisionsabouttheallocati

onofresources.Areportingentitycanbeasingleentityoragroupcomprisingaparentandallofitssubsidiaries.10Consolidatedfin

ancialstatements◼Consolidatedfinancialstatementsarepreparednotjustfortheshareholdersoftheparententity,butalsoforarangeofusers-creditors,employe

es,lenders,financialadvisers,analysts.◼ReasonsforConsolidation◼Torepresentasfaithfullyaspossiblethefinancialposition,financialperformancean

dcashflowsofaparentanditssubsidiaries◼Relevanttousers◼Understandabletousers◼Comparegrouptootherentitiesbyuser11

ConceptsofConsolidation◼Entityconceptofconsolidation◼assetsandliabilitiesofparentandsubsidiaryNoncontrollinginterest(NCI)equity◼Parententi

tyconceptofconsolidation◼assetsandliabilitiesofparentandsubsidiaryNCIisaliability◼Proprietaryconceptofconsoli

dation◼Pro-rataconsolidation,basedonparentsshareofsubsidiaryassetsandliabilities12Controlasthecriterionforconsolidation◼Control-AASB3Appendi

xA◼“Thepowertogovernthefinancialandoperatingpoliciesofanentityorbusinesssoastoobtainbenefitsfromitsactivities”.◼Subsid

iaryisanentitythatiscontrolledbyanotherentity.◼Hencedeterminationofwhetheroneentitycontrolsanotheriscrucialtothedeter

minationofwhichentitiesshouldprepareaconsolidatedfinancialreport.13ControlTwopartstothedefinition:(thepowercriterion)theabilitytodirectthefinancialan

doperatingpoliciesofanotherentity.(thebenefitcriterion)theabilitytoobtainbenefitsfromtheotherentity.Passiveversu

sactivecontrol–maynotbeactivelyinvolvedinthemanagementof.Non-sharedcontrol–canonlybeonecontrollingentity.14ControlLevelofshareownershipAASB127para13c

ontrolispresumedtoexistwhentheparentowns,directlyorindirectlythroughsubsidiaries,morethanhalfofthevotingpowerofanenti

tyi.emorethan50%ofthesharesofanotherentity.Whereownershipinterestislessthan50%thereislessconsensusaboutwhet

hercontrolexists.15ExistenceofeffectivecontrolFactorsthatmightindicatetheexistenceofcontrol(AASB127,par.13)(cont.)Controlalsoexistswhenthepare

ntownshalforlessofthevotingpowerofanentitywhenthereis(a)powerovermorethanhalfofthevotingrightsbyvirtueof

anagreementwithotherinvestors;(b)powertogovernthefinancialandoperatingpoliciesoftheentityunderastatuteoranag

reement;(c)powertoappointorremovethemajorityofthemembersoftheboardofdirectorsorequivalentgoverningbodyandcontroloftheentityisbythat

boardorbody;or(d)powertocastthemajorityofvotesatmeetingsoftheboardofdirectorsorequivalentgoverningbodyandcontroloftheenti

tyisbythatboardorbody.◼.16ConsolidationadjustmentsAASB127para18-31CombinetheaccountsoftheentitiesButsubjectto3typesof

adjustments:(i)Thesubstitutioneliminationentry(ii)Eliminationofinter-entitytransactionse.g.sales,andtheireffects(iii)Account

ingforanyNoncontrollinginterest17ConsolidationadjustmentsConsolidationadjustmentsareNOTmadeintherecor

dsoftheparentorthesubsidiary,butonaconsolidationworksheetorinaspecialconsolidationjournal.Mayneedtorepeatcertainadjustmentseveryyear.18Consolidati

onworksheetformatFinancialstatementsParentPLtdSubsidiarySLtdAdjustmentsConsolidatedamountsDrCrRetainedearningsSharecapitalSharesinSLtdOtherassets191.

Theeliminationentry◼Ineffectwe:◼(i)substitutetheassetsandliabilitiesofthesubsidiaryfortheasset“SharesinSLtd”thatisshownontheparentcompany’sbal

ancesheet◼(ii)eliminatetheparentcompany’sinterestintheacquisitiondateequityofthesubsidiary20PLtd80%SLtdAssu

meon1July2004,PLtdpaid$250forALLthesharesofSLtd.AtthisdatetherecordedequityofSLtdconsistedof:Sharecapital$150Retainedearnings

100AllthenetassetsofSLtdarerecordedatfairvalueTheeliminationentry21TheeliminationentryImmediatelybeforeacquisition:PLtdSLtdSharecapital$200$150Reta

inedearnings100100$300$250Cash$50$250SharesinSLtd250__-$300$250Q:whataretheassets,andequityoftheeconomicentity?22TheeliminationentryW

ecannotsimplyaddthefinancialstatementstogether:PLtdSLtdSumSharecapital$200$150$350Retainedearnings100100200$300$250$550Cash$50$250$300SharesinSLtd

250__-250$300$250$55023TheeliminationentryTheeconomicentity’sfinancialpositionis:Sharecapital$200(CapitalofPLtd)Ret.earnings100(Ret.earning

sofPLtd)$300Cash$300(PLtd+SLtd)Whenaddingthefinancialstatementstogetherweneedtomakeadjustments.24Theeliminationentry

Adjustments:(a)Eliminate“SharesinSLtd”Anentitycannotshowsharesinitselfasanasset.SharesinScannotappearonthegroupbalancesheet.(b

)EliminatetheequityofSLtdexistingatacquisitiondatei.e.thepre-acquisitionequityIncludingboththenetassetsofSLtdandtheequityaccountsofSattheacqu

isitiondatewoulddouble-countthenetassetsofS.25TheeliminationentryThisentryeliminatestheinvestmentaccountoftheparententity(“SharesinSLtd

”)andtheparentcompany’s100%interestintheacquisition-dateequityofthesubsidiary:ShareCapitalDr150RetainedEarningsDr100Sha

resinSLtdCr25026PLtdSLtdDrCrConsolCapital200150150200Ret.earnings100___100___100100___300250300Cash50250300SharesinSLtd250--250--3002

5030027TheeliminationentryTheeliminationentrycanbepreparedusinganacquisitionanalysis:At1July2004:FVofnetassetsofSLtd=$250cash($150capit

al+$100ret.earn.)FVacquiredbyPLtd=100%x$250=$250Costofacquisition=$250Goodwill/Gainonbargainpurchase=zero28Theeliminatione

ntryAssumeinthe2004-5periodthatSLtdrecordsanetprofitaftertaxof$75.Theseareallpost-acquisitionprofits–theydonot

affecttheeliminationentry.Theconsolidatedfinancialstatementsshowonlythepost-acquisitionequityofthesubsidiary.ALLpre-ac

quisitionequityofthesubsidiaryiseliminatedonconsolidation.29PLtdSLtdDrCrConsolRet.earnings220175100295Capital200150150200420325495Cash170325495

SharesinSLtd250--250--42032549530TheeliminationentryTheentryat30/6/05is:RetainedProfits(1/7/04)Dr100ShareCapitalDr150SharesinSLtdCr250

At30/6/06:RetainedProfits(1/7/05)Dr100ShareCapitalDr150SharesinSLtdCr250Needstoberepeatedineachyear’sworksheet31Divid

endsfrompre-acquisitionequity◼Dividendspaidbyasubsidiaryoutofpre-acquisitionprofitsi.e.fromthebalanceofretainedearningsexistinga

ttheacquisitiondatearenottreatedasrevenuebytheparentcompanybutasareductionofthecarryingamountof“SharesinSLtd”.◼NB.PLtdwillneverpayadivid

endtoSLtd.Why?32Dividendsfrompre-acquisitionequity◼Beforedoingthesubstitutioneliminationentryweneedtodete

rmineif“SharesinS”hasbeenwrittendownbytheamountofapre-acquisitiondividendpaidbyStoP.◼Comparethecarryingamountof“Sh

aresinS”withthepurchasepricepaidbyP.◼If“SharesinS”hasbeenwrittendownwemustreversethiswrite-downandbring“SharesinS”backtotheoriginalcost.33Dividend

sfrompre-acquisitionequity◼InthebooksofStheneteffectofdeclaringandpayingadividendfrompre-acquisitionprofitsis:DrRetaine

dearningsxxxCrBankxxx◼InthebooksofPtheneteffectofreceivingthisdividendis:DrBankxxxCrSharesinSxxx34Dividendsfrompre-acquisit

ionequity◼Whydoesn’tPcreditarevenueaccountwiththeamountofthedividend?◼BecausePwilltreatthedividendasap

artialreturnofthepurchasepriceitpaidforitsasset“SharesinS”.◼Toreversetheeffectofthistransaction:DrSharesinSxxxCrRetainedprofits(open

ing)xxx(ifdividendwaspaidinapreviousperiod)35Dividendsfrompre-acquisitionequity◼Ifthedividendwasdeclaredandpa

idinthecurrentperiod:DrSharesInSxxxCrInterimdividendpaid*xxx*anegativeappropriationaccount36Dividendsfrompre-acq

uisitionequityPowns100%ofS.On1June,Sdeclaresafinaldividendof$30whichwillbepaidinAugust.Thisisrecorded:InSL

td’srecords:DrFinaldividendprovided30CrDividendpayable30InPLtd’srecords:DrDividendreceivable30CrSharesinSLtd30

37Dividendsfrompre-acquisitionequity◼Toreversetheseentriesatdateofconsolidation:DrSharesinS30CrDividendreceiv

able30DrDividendpayable30CrFinaldividendprovided3038Goodwill◼“Goodwillonconsolidation”ariseswhenthecostoftheinvestmentinasubsidiaryisgreaterth

anthetotalfairvalueofthenetassetsacquired.Itappearsonlyontheconsolidatedbalancesheet.◼Theeliminationjournalentrywillincludea

balancingdebittogoodwill.39GoodwillAcquisitionanalysisat1/7/04:FVofNAofSLtd=$150+$100=$250Costofacquisition=$300Goodwill=$30

0-$250=$50At1July2004,PLtdpaid$300forALLtheissuedsharesofSLtdwhentheequityofSLtdwas:Sharecapital$150Retainedearnings10040GoodwillTheelim

inationentryat1/7/04:RetainedEarningsDr100ShareCapitalDr150GoodwillDr50SharesinSLtdCr30041PLtdSLtdDrCrConsolCapital200150

150200Ret.earning100100100100300250300Cash--250250SharesinSLtd300--300--Goodwill505030025030042Goodwill30/6/05DrImpairmentLoss5CrAccumulatedImp

airmentLosses5Remembertheeliminationentrywillalsohavetobedone.Thedirectorsdeterminethatgoodwillhasbeenimpair

edby$5on30/6/0543GainonbargainpurchaseThisariseswhenthepurchasepriceoftheinvestmentislessthanthetotalfairvalueofthenetassetsa

cquired.Beforegainonbargainpurchaseisrecognised,AASB3requiresthattheacquirershallreassesstheproceduretoensurethereisagain.44Gainonbargainpur

chaseOn1/7/04,PLtdpaid$273forthesharesofSLtdwhentherecordsofSLtdshowed:Capital$150Land$200Retainedearnings150Plant100$300$3

00Allassetsarerecordedatfairvalue45GainonbargainpurchaseAcquisitionanalysisat1/7/04:FVofnetassetsofSLtd=$150+$150=$300Costofacquisition=$273Gainonbar

gainpurchase=$2746GainonbargainpurchaseSubstitutioneliminationentryat1/7/04:RetEarningsDr150ShareCapitalDr150Excess(P&L)Cr27SharesinSLtdCr27

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