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ConsolidationMethod2Definitions–AASB127Para.4ConsolidatedFinancialStatementsarethefinancialstatementsofagrouppresentedast

hoseofasingleeconomicentityGroup–aparentandallitssubsidiariesParententity–anentitythathasoneormoresubsidiariesSubsid

iary–anentityincludinganunincorporatedentitysuchasapartnership,thatiscontrolledbyanotherentity3Natureofc

onsolidatedfinancialstatementsConsolidatedstatementsarethecombinedfinancialstatementsfora‘group’.AASB3BusinessComb

inationsAppendixAbusinesscombination“Thebringingtogetherofseparateentitiesorbusinessesintoonereportingentity”4AppendixAbusinessdefin

edas:Anintegratedsetofactivitiesandassetsconductedandmanagedforthepurposeofproviding:(a)Areturntoinvestors;o

r(b)lowercostsorothereconomicbenefitsdirectlyandproportionatelytopolicyholdersorparticipants.5◼Theacquisitionofanentitycontrastswiththeac

quisitionofagroupofassets.◼AccountingforagroupofassetsisbasedonAASB116Property,PlantandEquipment.6Consolidatedfinancialstatementsprovideinformati

ononthefinancialperformanceandpositionofmultipleentitieswhicharetreatedasasinglereportingentity.Thesestatementsshowonlytheresultsoftransactingwithpar

tiesexternaltotheeconomicentity.7Natureofconsolidatedfinancialstatements◼Theconsolidatedfinancialstatementsareproducedusingtheinfor

mationcontainedinthefinancialstatementsoftheentitieswithintheeconomicentity,howevertheaccountsoftheindividualentitiesarenotaffected◼Theco

nsolidatedfinancialstatementsconsistof:-Consolidatedstatementofcomprehensiveincome,-Consolidatedstatementofchangesinequit

y-Consolidatedstatementoffinancialposition.8NatureofconsolidatedfinancialstatementsWhohastoprepareconsolida

tedfinancialstatements?AASB3para17:“Anacquirershallbeidentifiedforallbusinesscombinations.Theacquireristhecombining

entitythatobtainscontroloftheothercombiningentitiesorbusinesses.”9AASB3AppendixAReportingentity-Anentityi

nrespectofwhichitisreasonabletoexpecttheexistenceofuserswhorelyontheentity’sgeneralpurposefinancialreportforinformationthatwillbeusefultothemf

ormakingandevaluatingdecisionsabouttheallocationofresources.Areportingentitycanbeasingleentityoragroupcomprisi

ngaparentandallofitssubsidiaries.10Consolidatedfinancialstatements◼Consolidatedfinancialstatementsare

preparednotjustfortheshareholdersoftheparententity,butalsoforarangeofusers-creditors,employees,lenders,financialadvisers,analysts.◼Re

asonsforConsolidation◼Torepresentasfaithfullyaspossiblethefinancialposition,financialperformanceandcash

flowsofaparentanditssubsidiaries◼Relevanttousers◼Understandabletousers◼Comparegrouptootherentitiesbyuser11ConceptsofCons

olidation◼Entityconceptofconsolidation◼assetsandliabilitiesofparentandsubsidiaryNoncontrollinginterest(NCI)equity◼Pa

rententityconceptofconsolidation◼assetsandliabilitiesofparentandsubsidiaryNCIisaliability◼Proprietaryconceptofconsolid

ation◼Pro-rataconsolidation,basedonparentsshareofsubsidiaryassetsandliabilities12Controlasthecriterionforconsolidation◼Control-AASB3AppendixA◼“Thepow

ertogovernthefinancialandoperatingpoliciesofanentityorbusinesssoastoobtainbenefitsfromitsactivities”.◼Subsidi

aryisanentitythatiscontrolledbyanotherentity.◼Hencedeterminationofwhetheroneentitycontrolsanotheriscrucialtothedeterminationofwh

ichentitiesshouldprepareaconsolidatedfinancialreport.13ControlTwopartstothedefinition:(thepowercriterion)theabilitytodirect

thefinancialandoperatingpoliciesofanotherentity.(thebenefitcriterion)theabilitytoobtainbenefitsfromtheotherentity.Passiveversusactivecontrol–maynotb

eactivelyinvolvedinthemanagementof.Non-sharedcontrol–canonlybeonecontrollingentity.14ControlLevelofshareownershipAASB127pa

ra13controlispresumedtoexistwhentheparentowns,directlyorindirectlythroughsubsidiaries,morethanhalfoft

hevotingpowerofanentityi.emorethan50%ofthesharesofanotherentity.Whereownershipinterestislessthan50%thereisle

ssconsensusaboutwhethercontrolexists.15ExistenceofeffectivecontrolFactorsthatmightindicatetheexistenceofcontrol(AASB127,par.13)(cont.)Controlal

soexistswhentheparentownshalforlessofthevotingpowerofanentitywhenthereis(a)powerovermorethanhalfofthe

votingrightsbyvirtueofanagreementwithotherinvestors;(b)powertogovernthefinancialandoperatingpoliciesoftheentityunderastatuteoranagreement

;(c)powertoappointorremovethemajorityofthemembersoftheboardofdirectorsorequivalentgoverningbodyandcontrolofthe

entityisbythatboardorbody;or(d)powertocastthemajorityofvotesatmeetingsoftheboardofdirectorsorequivalentgoverningbodyandcontroloftheentityisbythatboar

dorbody.◼.16ConsolidationadjustmentsAASB127para18-31CombinetheaccountsoftheentitiesButsubjectto3typesofadjustments:(i)The

substitutioneliminationentry(ii)Eliminationofinter-entitytransactionse.g.sales,andtheireffects(iii)AccountingforanyN

oncontrollinginterest17ConsolidationadjustmentsConsolidationadjustmentsareNOTmadeintherecordsoftheparentorthesubsidiary,butonaconsolidationworksheet

orinaspecialconsolidationjournal.Mayneedtorepeatcertainadjustmentseveryyear.18ConsolidationworksheetformatFinancialstatementsParentPLtdSubsidi

arySLtdAdjustmentsConsolidatedamountsDrCrRetainedearningsSharecapitalSharesinSLtdOtherassets191.Thee

liminationentry◼Ineffectwe:◼(i)substitutetheassetsandliabilitiesofthesubsidiaryfortheasset“SharesinSLtd”thatisshownontheparen

tcompany’sbalancesheet◼(ii)eliminatetheparentcompany’sinterestintheacquisitiondateequityofthesubsidiary20PLtd80%SLtdAssumeon1July2004,PLtdpaid$250fo

rALLthesharesofSLtd.AtthisdatetherecordedequityofSLtdconsistedof:Sharecapital$150Retainedearnings100AllthenetassetsofSL

tdarerecordedatfairvalueTheeliminationentry21TheeliminationentryImmediatelybeforeacquisition:PLtdSLtdSharecapita

l$200$150Retainedearnings100100$300$250Cash$50$250SharesinSLtd250__-$300$250Q:whataretheassets,andequityofthe

economicentity?22TheeliminationentryWecannotsimplyaddthefinancialstatementstogether:PLtdSLtdSumSharecapital$200$150$

350Retainedearnings100100200$300$250$550Cash$50$250$300SharesinSLtd250__-250$300$250$55023TheeliminationentryTheeconomicen

tity’sfinancialpositionis:Sharecapital$200(CapitalofPLtd)Ret.earnings100(Ret.earningsofPLtd)$300Cash$300(PLtd+SLtd)Wh

enaddingthefinancialstatementstogetherweneedtomakeadjustments.24TheeliminationentryAdjustments:(a)Eliminate“SharesinSLtd”A

nentitycannotshowsharesinitselfasanasset.SharesinScannotappearonthegroupbalancesheet.(b)Eliminatetheequityof

SLtdexistingatacquisitiondatei.e.thepre-acquisitionequityIncludingboththenetassetsofSLtdandtheequitya

ccountsofSattheacquisitiondatewoulddouble-countthenetassetsofS.25TheeliminationentryThisentryeliminatestheinvestmentaccoun

toftheparententity(“SharesinSLtd”)andtheparentcompany’s100%interestintheacquisition-dateequityofthesubsidiary:Sha

reCapitalDr150RetainedEarningsDr100SharesinSLtdCr25026PLtdSLtdDrCrConsolCapital200150150200Ret.earnings100___100___100100___300

250300Cash50250300SharesinSLtd250--250--30025030027TheeliminationentryTheeliminationentrycanbepreparedusinganacquisitionana

lysis:At1July2004:FVofnetassetsofSLtd=$250cash($150capital+$100ret.earn.)FVacquiredbyPLtd=100%x$250=$250Costofacquisition=$250Goodwill/Ga

inonbargainpurchase=zero28TheeliminationentryAssumeinthe2004-5periodthatSLtdrecordsanetprofitaftertaxof$75.Theseareallpost-acquisitionprofits–theydo

notaffecttheeliminationentry.Theconsolidatedfinancialstatementsshowonlythepost-acquisitionequityofthesubsidiary.ALLpre-acquisitionequityofthesubsidi

aryiseliminatedonconsolidation.29PLtdSLtdDrCrConsolRet.earnings220175100295Capital200150150200420325495Cash170325495SharesinSLtd250--250--420

32549530TheeliminationentryTheentryat30/6/05is:RetainedProfits(1/7/04)Dr100ShareCapitalDr150SharesinSL

tdCr250At30/6/06:RetainedProfits(1/7/05)Dr100ShareCapitalDr150SharesinSLtdCr250Needstoberepeatedinea

chyear’sworksheet31Dividendsfrompre-acquisitionequity◼Dividendspaidbyasubsidiaryoutofpre-acquisitionprofitsi.e.fromthebalanceofretainedearnings

existingattheacquisitiondatearenottreatedasrevenuebytheparentcompanybutasareductionofthecarryingamountof“SharesinSLtd”.◼NB.PLtdwillnever

payadividendtoSLtd.Why?32Dividendsfrompre-acquisitionequity◼Beforedoingthesubstitutioneliminationentryweneedtodetermineif“SharesinS”hasbeenwrittendow

nbytheamountofapre-acquisitiondividendpaidbyStoP.◼Comparethecarryingamountof“SharesinS”withthepurchasepricepaidbyP.◼If“SharesinS”hasbeenwr

ittendownwemustreversethiswrite-downandbring“SharesinS”backtotheoriginalcost.33Dividendsfrompre-acquisitionequity◼Int

hebooksofStheneteffectofdeclaringandpayingadividendfrompre-acquisitionprofitsis:DrRetainedearningsxxxCrBankxxx◼InthebooksofPtheneteffectofreceiv

ingthisdividendis:DrBankxxxCrSharesinSxxx34Dividendsfrompre-acquisitionequity◼Whydoesn’tPcreditarevenueaccou

ntwiththeamountofthedividend?◼BecausePwilltreatthedividendasapartialreturnofthepurchasepriceitpaidforitsasse

t“SharesinS”.◼Toreversetheeffectofthistransaction:DrSharesinSxxxCrRetainedprofits(opening)xxx(ifdividendwaspaidinapreviousperiod)35Dividendsfr

ompre-acquisitionequity◼Ifthedividendwasdeclaredandpaidinthecurrentperiod:DrSharesInSxxxCrInterimdividendpaid*xxx*ane

gativeappropriationaccount36Dividendsfrompre-acquisitionequityPowns100%ofS.On1June,Sdeclaresafinaldividendof$30whichwillbepaidinAugust.Thi

sisrecorded:InSLtd’srecords:DrFinaldividendprovided30CrDividendpayable30InPLtd’srecords:DrDividendreceivable30CrSharesin

SLtd3037Dividendsfrompre-acquisitionequity◼Toreversetheseentriesatdateofconsolidation:DrSharesinS30CrDivid

endreceivable30DrDividendpayable30CrFinaldividendprovided3038Goodwill◼“Goodwillonconsolidation”ariseswhenthecostofth

einvestmentinasubsidiaryisgreaterthanthetotalfairvalueofthenetassetsacquired.Itappearsonlyontheconsolidatedbalancesheet.◼Theeliminationjournalent

rywillincludeabalancingdebittogoodwill.39GoodwillAcquisitionanalysisat1/7/04:FVofNAofSLtd=$150+$100=$250Costofacqui

sition=$300Goodwill=$300-$250=$50At1July2004,PLtdpaid$300forALLtheissuedsharesofSLtdwhentheequityofSLtdwas:Sharecapital$150Ret

ainedearnings10040GoodwillTheeliminationentryat1/7/04:RetainedEarningsDr100ShareCapitalDr150GoodwillDr50SharesinSLtdCr30041PLtdSLtdDrCrConsolCa

pital200150150200Ret.earning100100100100300250300Cash--250250SharesinSLtd300--300--Goodwill505030025030042Goodwill30/6/05DrI

mpairmentLoss5CrAccumulatedImpairmentLosses5Remembertheeliminationentrywillalsohavetobedone.Thedirectorsdeterminethatgoodwillhasbeenimpairedby$

5on30/6/0543GainonbargainpurchaseThisariseswhenthepurchasepriceoftheinvestmentislessthanthetotalfairvalueofthenetassetsacquired.Beforegainonbarga

inpurchaseisrecognised,AASB3requiresthattheacquirershallreassesstheproceduretoensurethereisagain.44GainonbargainpurchaseOn1/7/04,PLtdpaid$273f

orthesharesofSLtdwhentherecordsofSLtdshowed:Capital$150Land$200Retainedearnings150Plant100$300$300Allassetsarerecordedatfairvalue45Gainonbargain

purchaseAcquisitionanalysisat1/7/04:FVofnetassetsofSLtd=$150+$150=$300Costofacquisition=$273Gainonba

rgainpurchase=$2746GainonbargainpurchaseSubstitutioneliminationentryat1/7/04:RetEarningsDr150ShareCa

pitalDr150Excess(P&L)Cr27SharesinSLtdCr273