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ConsolidationMethod2Definitions–AASB127Para.4ConsolidatedFinancialStatementsarethefinancialstatementsofagrouppresentedasthoseofasingleeconomicenti

tyGroup–aparentandallitssubsidiariesParententity–anentitythathasoneormoresubsidiariesSubsidiary–anentityincludinganunin

corporatedentitysuchasapartnership,thatiscontrolledbyanotherentity3NatureofconsolidatedfinancialstatementsConsolidatedstatementsare

thecombinedfinancialstatementsfora‘group’.AASB3BusinessCombinationsAppendixAbusinesscombination“Thebringingtogetherofsepar

ateentitiesorbusinessesintoonereportingentity”4AppendixAbusinessdefinedas:Anintegratedsetofactivitiesandassetsconductedandmanagedf

orthepurposeofproviding:(a)Areturntoinvestors;or(b)lowercostsorothereconomicbenefitsdirectlyandproportionatelytopolicyholdersorpa

rticipants.5◼Theacquisitionofanentitycontrastswiththeacquisitionofagroupofassets.◼AccountingforagroupofassetsisbasedonAASB116Property,PlantandE

quipment.6Consolidatedfinancialstatementsprovideinformationonthefinancialperformanceandpositionofmultipleentitieswhicharetreatedasasinglereportingent

ity.Thesestatementsshowonlytheresultsoftransactingwithpartiesexternaltotheeconomicentity.7Natureofcons

olidatedfinancialstatements◼Theconsolidatedfinancialstatementsareproducedusingtheinformationcontainedinthefinancialstatementsofth

eentitieswithintheeconomicentity,howevertheaccountsoftheindividualentitiesarenotaffected◼Theconsolidatedfinancialstatem

entsconsistof:-Consolidatedstatementofcomprehensiveincome,-Consolidatedstatementofchangesinequity-Consolidatedstatementoffinancialposition.8Nature

ofconsolidatedfinancialstatementsWhohastoprepareconsolidatedfinancialstatements?AASB3para17:“Anacquirershallbeidentifiedforallb

usinesscombinations.Theacquireristhecombiningentitythatobtainscontroloftheothercombiningentitiesorbusinesses.

”9AASB3AppendixAReportingentity-Anentityinrespectofwhichitisreasonabletoexpecttheexistenceofuserswhorelyontheentity’sgeneralpurposefina

ncialreportforinformationthatwillbeusefultothemformakingandevaluatingdecisionsabouttheallocationofresources.Areportingentitycanbeasingleentityorag

roupcomprisingaparentandallofitssubsidiaries.10Consolidatedfinancialstatements◼Consolidatedfinancialstatementsareprepa

rednotjustfortheshareholdersoftheparententity,butalsoforarangeofusers-creditors,employees,lenders,financialadvisers,analysts.◼ReasonsforConsol

idation◼Torepresentasfaithfullyaspossiblethefinancialposition,financialperformanceandcashflowsofaparentanditssubsidi

aries◼Relevanttousers◼Understandabletousers◼Comparegrouptootherentitiesbyuser11ConceptsofConsolidation◼Entityconceptofconsol

idation◼assetsandliabilitiesofparentandsubsidiaryNoncontrollinginterest(NCI)equity◼Parententityconceptofconsolidation◼assetsandliabilitieso

fparentandsubsidiaryNCIisaliability◼Proprietaryconceptofconsolidation◼Pro-rataconsolidation,basedonparentsshareofs

ubsidiaryassetsandliabilities12Controlasthecriterionforconsolidation◼Control-AASB3AppendixA◼“Thepowerto

governthefinancialandoperatingpoliciesofanentityorbusinesssoastoobtainbenefitsfromitsactivities”.◼Subsidiaryisanentitythatiscont

rolledbyanotherentity.◼Hencedeterminationofwhetheroneentitycontrolsanotheriscrucialtothedeterminationofwhichentitiesshouldprep

areaconsolidatedfinancialreport.13ControlTwopartstothedefinition:(thepowercriterion)theabilitytodirectthefinancialandoperatingpoliciesofanot

herentity.(thebenefitcriterion)theabilitytoobtainbenefitsfromtheotherentity.Passiveversusactivecontrol–maynotbeactivelyinvol

vedinthemanagementof.Non-sharedcontrol–canonlybeonecontrollingentity.14ControlLevelofshareownershipAASB127para13controlispresumedtoexistwhenthep

arentowns,directlyorindirectlythroughsubsidiaries,morethanhalfofthevotingpowerofanentityi.emorethan50%ofthesharesofanotherentity.Whereownershipinte

restislessthan50%thereislessconsensusaboutwhethercontrolexists.15ExistenceofeffectivecontrolFactorsthatmightindicatetheexistenceofcontrol(

AASB127,par.13)(cont.)Controlalsoexistswhentheparentownshalforlessofthevotingpowerofanentitywhenthereis(a)

powerovermorethanhalfofthevotingrightsbyvirtueofanagreementwithotherinvestors;(b)powertogovernthefinancialandoperati

ngpoliciesoftheentityunderastatuteoranagreement;(c)powertoappointorremovethemajorityofthemembersoftheboardofdirectorsorequivalentgoverningbod

yandcontroloftheentityisbythatboardorbody;or(d)powertocastthemajorityofvotesatmeetingsoftheboardofdirectorsorequival

entgoverningbodyandcontroloftheentityisbythatboardorbody.◼.16ConsolidationadjustmentsAASB127para18-31Combinetheaccountsoftheenti

tiesButsubjectto3typesofadjustments:(i)Thesubstitutioneliminationentry(ii)Eliminationofinter-entitytransactionse.g.sales,a

ndtheireffects(iii)AccountingforanyNoncontrollinginterest17ConsolidationadjustmentsConsolidationadjustmentsareNOTmadeintherecordso

ftheparentorthesubsidiary,butonaconsolidationworksheetorinaspecialconsolidationjournal.Mayneedtorepeatcertainadjustmentseveryyear.18Co

nsolidationworksheetformatFinancialstatementsParentPLtdSubsidiarySLtdAdjustmentsConsolidatedamountsDrCrRetainedearningsSharec

apitalSharesinSLtdOtherassets191.Theeliminationentry◼Ineffectwe:◼(i)substitutetheassetsandliabilitiesofthesubsidiaryfortheasset“SharesinS

Ltd”thatisshownontheparentcompany’sbalancesheet◼(ii)eliminatetheparentcompany’sinterestintheacquisitiondateequityofthesubsidiary20PLtd80%SLtd

Assumeon1July2004,PLtdpaid$250forALLthesharesofSLtd.AtthisdatetherecordedequityofSLtdconsistedof:Sharecapital$150Retainedearnings100Allthe

netassetsofSLtdarerecordedatfairvalueTheeliminationentry21TheeliminationentryImmediatelybeforeacquisition:PL

tdSLtdSharecapital$200$150Retainedearnings100100$300$250Cash$50$250SharesinSLtd250__-$300$250Q:whataretheass

ets,andequityoftheeconomicentity?22TheeliminationentryWecannotsimplyaddthefinancialstatementstogether:PLt

dSLtdSumSharecapital$200$150$350Retainedearnings100100200$300$250$550Cash$50$250$300SharesinSLtd250__-250$300$250$5

5023TheeliminationentryTheeconomicentity’sfinancialpositionis:Sharecapital$200(CapitalofPLtd)Ret.earnings100(Ret.earningsofPLtd)$300Cash$300(PLtd+S

Ltd)Whenaddingthefinancialstatementstogetherweneedtomakeadjustments.24TheeliminationentryAdjustments:(a)Eliminate“SharesinSLtd”Anentitycannotsh

owsharesinitselfasanasset.SharesinScannotappearonthegroupbalancesheet.(b)EliminatetheequityofSLtdexistingatacquisitiondatei.e

.thepre-acquisitionequityIncludingboththenetassetsofSLtdandtheequityaccountsofSattheacquisitiondatewoulddouble-countthenetassetsofS.

25TheeliminationentryThisentryeliminatestheinvestmentaccountoftheparententity(“SharesinSLtd”)andtheparentcompany’s100%int

erestintheacquisition-dateequityofthesubsidiary:ShareCapitalDr150RetainedEarningsDr100SharesinSLtdCr25026PLtdSLtdDrCrConsolCapital200150150200Ret

.earnings100___100___100100___300250300Cash50250300SharesinSLtd250--250--30025030027TheeliminationentryTheelimination

entrycanbepreparedusinganacquisitionanalysis:At1July2004:FVofnetassetsofSLtd=$250cash($150capital+$100ret.earn.)FVacquiredbyPLtd=100%x$250=$250

Costofacquisition=$250Goodwill/Gainonbargainpurchase=zero28TheeliminationentryAssumeinthe2004-5periodthatSLtdrecordsanetprofitaftertaxof$75.Theseare

allpost-acquisitionprofits–theydonotaffecttheeliminationentry.Theconsolidatedfinancialstatementsshowonlythepost-acquisitionequityofthesubsi

diary.ALLpre-acquisitionequityofthesubsidiaryiseliminatedonconsolidation.29PLtdSLtdDrCrConsolRet.earnings220175100295

Capital200150150200420325495Cash170325495SharesinSLtd250--250--42032549530TheeliminationentryTheentryat30/6/05is:Ret

ainedProfits(1/7/04)Dr100ShareCapitalDr150SharesinSLtdCr250At30/6/06:RetainedProfits(1/7/05)Dr100Sha

reCapitalDr150SharesinSLtdCr250Needstoberepeatedineachyear’sworksheet31Dividendsfrompre-acquisitionequity◼Dividendspaidbyasubsidiaryoutofp

re-acquisitionprofitsi.e.fromthebalanceofretainedearningsexistingattheacquisitiondatearenottreatedasreven

uebytheparentcompanybutasareductionofthecarryingamountof“SharesinSLtd”.◼NB.PLtdwillneverpayadividendtoSLtd.Why?32Dividendsfrompre-acqu

isitionequity◼Beforedoingthesubstitutioneliminationentryweneedtodetermineif“SharesinS”hasbeenwrittendownbytheamountofapre-acquisitiondiv

idendpaidbyStoP.◼Comparethecarryingamountof“SharesinS”withthepurchasepricepaidbyP.◼If“SharesinS”hasbeenwrittendownwemustreversethiswrite-

downandbring“SharesinS”backtotheoriginalcost.33Dividendsfrompre-acquisitionequity◼InthebooksofStheneteffectofdeclaringandpaying

adividendfrompre-acquisitionprofitsis:DrRetainedearningsxxxCrBankxxx◼InthebooksofPtheneteffectofreceivingthisdividendis:DrBankxxxC

rSharesinSxxx34Dividendsfrompre-acquisitionequity◼Whydoesn’tPcreditarevenueaccountwiththeamountofthedividend?◼BecausePwi

lltreatthedividendasapartialreturnofthepurchasepriceitpaidforitsasset“SharesinS”.◼Toreversetheeffectofthi

stransaction:DrSharesinSxxxCrRetainedprofits(opening)xxx(ifdividendwaspaidinapreviousperiod)35Dividendsfrompre-acquisitionequity◼Ifthedivid

endwasdeclaredandpaidinthecurrentperiod:DrSharesInSxxxCrInterimdividendpaid*xxx*anegativeappropriationaccount

36Dividendsfrompre-acquisitionequityPowns100%ofS.On1June,Sdeclaresafinaldividendof$30whichwillbepaidinAugust.Thisisrecorded:InSLtd’srecords:DrFi

naldividendprovided30CrDividendpayable30InPLtd’srecords:DrDividendreceivable30CrSharesinSLtd3037Dividendsfrompre-acquisitionequi

ty◼Toreversetheseentriesatdateofconsolidation:DrSharesinS30CrDividendreceivable30DrDividendpayable30CrFinaldividendprovided3038Goodwill◼“Goodwillon

consolidation”ariseswhenthecostoftheinvestmentinasubsidiaryisgreaterthanthetotalfairvalueofthenetassetsacquired.Itappearsonlyonthecon

solidatedbalancesheet.◼Theeliminationjournalentrywillincludeabalancingdebittogoodwill.39GoodwillAcquisitionanalysisa

t1/7/04:FVofNAofSLtd=$150+$100=$250Costofacquisition=$300Goodwill=$300-$250=$50At1July2004,PLtdpaid$300forALLtheissuedsharesofSLtdwhentheequit

yofSLtdwas:Sharecapital$150Retainedearnings10040GoodwillTheeliminationentryat1/7/04:RetainedEarningsDr100ShareCapi

talDr150GoodwillDr50SharesinSLtdCr30041PLtdSLtdDrCrConsolCapital200150150200Ret.earning100100100100300250300Cash--250250

SharesinSLtd300--300--Goodwill505030025030042Goodwill30/6/05DrImpairmentLoss5CrAccumulatedImpairmentLosses5Remembertheelimin

ationentrywillalsohavetobedone.Thedirectorsdeterminethatgoodwillhasbeenimpairedby$5on30/6/0543GainonbargainpurchaseThisariseswhenthepur

chasepriceoftheinvestmentislessthanthetotalfairvalueofthenetassetsacquired.Beforegainonbargainpurchaseisrecognised,AASB3requiresthattheac

quirershallreassesstheproceduretoensurethereisagain.44GainonbargainpurchaseOn1/7/04,PLtdpaid$273forthesharesofSLtdwhentherecordsof

SLtdshowed:Capital$150Land$200Retainedearnings150Plant100$300$300Allassetsarerecordedatfairvalue45GainonbargainpurchaseAcquisitionanalysis

at1/7/04:FVofnetassetsofSLtd=$150+$150=$300Costofacquisition=$273Gainonbargainpurchase=$2746Gainonbargain

purchaseSubstitutioneliminationentryat1/7/04:RetEarningsDr150ShareCapitalDr150Excess(P&L)Cr27SharesinSLt

dCr273