合并报表会计-合并各方间交易

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1Consolidation22TheneedforadjustmentsAASB127:2typesofadjustmentsareneeded:(i)thesubstitutioneliminationentry(eliminating“SharesinSLtd”)▪(ii)entrie

sthateliminatetheeffectsofinter-entitytransactionssuchas-▪inter-entityservices,saleofinventoryanddepreciab

leassets▪inter-entityborrowings▪inter-entitydividends3TheneedforadjustmentsThepurposeofconsolidatefinancialstat

ementsistoprovideinformationofdealingswithexternalpartiesonly.Hencetheeffectsofthetransactionswithinthegroup

mustbeadjusted.AASB127para24“Intragroupbalances,transactions,incomeandexpensesshallbeeliminated.”4Theneedforadjustments

◼AASB127para26◼Thefinancialstatementsoftheparentanditssubsidiariesshallbepreparedasofthesamereportingdate.◼Whendiffere

ntthesubsidiarymustprepareadditionalfinancialstatementsasofthesamedateastheparent.5TheneedforadjustmentsAnyprofitsm

adeoninter-entitytransactionsmustbeeliminatedbecause,fromagroupviewpoint,theyareunrealisedprofits.Eachgroupassetmustbeshownatitscosttot

hegroup(whichmaybedifferenttothecostrecordedbytheentitywithinthegroupthatcurrentlyownstheasset).6TheneedforadjustmentsEachgroupliabilitymustrep

resentanobligationtoanentityoutsidethegroupWemayhavetoadjustfortheeffectsofpriorperiodtransactionsaswellascurrentperiodtransactions.Thi

sisbecauseconsolidationadjustmententriesareappliedinaworksheetonlyandnotintheaccountsofeithertheparentoranyofitssubsidiaries.7Theneedf

oradjustmentsWhenitemsofstockaresoldwithinthegroup(e.g.PtoS,orStoP)anyprofitmadeonthesalemustbeeliminated.Theunrealisedprofitsontheseinternalsaleswi

lldistortstocklevelsindollarterms.Wewilleliminatetheseunrealisedprofitsbymeansofadjustmentstoopeningandcl

osingstockamounts.8TheneedforadjustmentsUnrealisedprofitsoninternalsalesbecomerealisedgroupprofitsifandw

hentheitemthatwassoldinternallypassestoabuyeroutsidethegroup.Whenthisoccursthegroupwillrecordsalesrevenueandthecosttothegroupofwhatwass

old(COGS).9Example:PsoldanitemofstocktoSfor$100cash.Assumethatthissalewasatcost,sonoprofitwasrecognisedbyP.Inthe

booksofP:DrBank100CrSales*100InthebooksofS:DrPurchases*100CrBank100*GroupeffectInventoryadjustments10I

nventoryadjustmentsThefinaleffectofthissalefromagroupviewpointis:DrPurchases100CrSales100Toreversethiseffectandsoavoidoverstatinggroupsale

sandpurchases:DrSales100CrPurchases100Thisentryhasnoeffectongroupprofit.11InventoryadjustmentsHowisgrossprofitcalculated

?ToreduceCrSALESREVENUEDrprofitDr-COGSCrprofit=GROSSPROFIT12InventoryadjustmentsHowiscostofgoodssoldcalculated?ToreduceDrop

eningstockCrDr+purchasesCrCr-closingstockDrDr=costofgoodssoldCrReducingopeningstockincreasesprofitReducingclosingstockreducesprofit13Inven

toryadjustmentsAdjustmententriesmayaffectassetandliabilitybalancese.g.transferofinventoryataprofit.Wherecarryingamountsd

ifferfromtaxbase,tax-effectmustbeconsidered.Thelegalentity’srecordsconsiderthedifferencesbetweenthetaxbase

andthecarryingamountinthelegalentity.Onconsolidation,itisthechangeinthecarryingamountthataffectthisrelationshipandrequire

sadjustment.14InventoryadjustmentsExample:IfSubLtdcarriesanassetat$100andthetaxbaseoftheassetis$80,SubLtdwillraiseadeferredtaxliabilityof30%x$20.If

onconsolidationanadjustmentismadetoreducetheassetto$90,thecarryingamounttotheeconomicentity,thedeferredtaxliabilitymustbere

ducedby30%x$10.Combiningthelegalentities’recordsandtheconsolidationadjustmentresultsintheeconomicentity’spositionbeingshownint

heconsolidatedfinancialstatements.15InventoryadjustmentsAt1/7/00,ParentLtdsellsinventorytoSubLtdfor$1000ataprofitbeforetaxof$200.Taxrateis30%.Allinv

entoryisunsoldat30/6/01.RECORDEDPOSITIONParentLtd:SubLtd:Salesof$1000Inventoryat$1000Costofsalesof$800Profitof$200Incometaxexpen

seof$6016InventoryadjustmentsECONOMICENTITYPOSITION◼Nosalestoexternalparties◼Nocostofsalestoexternalparties◼Noprofitonsaleofinventoryt

oexternalparties◼Costofinventoryat30/6/01is$80017InventoryadjustmentsCONSOLIDATIONWORKSHEETADJUSTMEN

TSalesDr1000CostofSalesCr800InventoryCr200DeferredTaxAssetDr60IncomeTaxExpenseCr60*Carryingamountofinventoryisreducedfrom$1000to$800.CA<TBby$200.(DT

Aof$200x0.3)18InventoryadjustmentsAssumeallthetransferredinventoryissoldbySubLtdexternallyfor$1200by30/6/01.RECORDEDPOSI

TIONParentSubTotalSales100012002200Costofsales80010001800Profit200200400Taxexpense606012019InventoryadjustmentsECONOMICENTITYPOSITI

ONSalesof$1200–toexternalpartyCostofsalesof$800–fromexternalpartyProfitof$400Taxexpenseof$120CONSOLIDATIONWORKSHEETADJUSTMENTSalesDr1000Costof

SalesCr100020InventoryadjustmentsAssumeat30/6/01thatSLtdhassold75%oftheinventoryexternallyfor$900.Thatisthereisendingi

nventorycontainingunrealisedprofitof$50i.e.25%x$200.RECORDEDPOSITIONParentSubTotalSales$1000$900$1900Costofsales8007501550Inventor

y-25025021InventoryadjustmentsECONOMICENTITYPOSITIONSales$900Costofsales600i.e.75%x$800Inventory200i.e.25%x$800CONSOLIDATIONWORKSHEETADJUSTMENTSal

esDr1000CostofSalesCr950Inventory*Cr50*Note:thisis25%xprofitof$200.Netresultistodecreasegroupprofitby$50.22Inventoryadj

ustmentsAsinventoryisbeingreducedby$50,atax-effectentryisrequiredasCA<TBby$50:DeferredTaxAssetDr15IncomeTaxExpenseCr15Thedeferredtaxassetisreversedwh

entheinventoryissoldexternally.23InventoryadjustmentsAt1/7/01,inventorycontainingunrealisedprofitof$50remainsonhand.Intheco

nsolidationworksheetfor2001-02:RetainedProfits(1/7/01)Dr35IncomeTaxExpense**Dr15CostofSales*Cr50nSLtdrecordscostofsalesof$250,theeconom

icentitywouldrecord$200.nResultisthatthisyear’sgroupprofitwillincreaseby$50beforetax.24DepreciableassetsOn1/7/00,ParentLtdsellsplantto

SubLtdfor$1000.IthadacarryingamountinParentLtdof$800.Depreciationis10%p.a.RECORDEDPOSITION–SaleofassetParentSubRevenue$1000Pl

ant$1000Carryingamountofassetsold$800Incometaxexpense6025DepreciableassetsECONOMICENTITYPOSITIONNosalePlantheldatcostof

$800CONSOLIDATIONWORKSHEETADJUSTMENTRevenue–ProceedsDr1000CarryingAmountofPlantSoldCr800PlantCr20026

DepreciableassetsAscarryingamountofassethasbeenreducedonconsolidationby$200,thenCA<TBorviewitasgroupprofi

tdecreasingby$200:DeferredTaxAssetDr60IncomeTaxExpenseCr60REALISATIONOFPROFITNoexternalpartyinvolvedProfitisrealised

asassetisconsumed–measuredbyreferencetodepreciation27DepreciableassetsDepreciation:SubLtddepreciates

plantat10%p.a.oncostof$1000i.e.$100Theeconomicentitychargesdepreciationat10%p.a.oncostof$800i.e$80CONSOLIDATIONWORKSHEETADJUSTMENTAccum

ulatedDepreciationDr20DepreciationExpenseCr20IncomeTaxExpenseDr6DeferredTaxAssetCr628DepreciableassetsSUBSEQUENTPERIO

DS-ASASSETREMAINSONHANDCONSOLIDATIONWORKSHEETADJUSTMENTSALEOFASSETRetainedProfits(1/7/01)Dr140Deferred

TaxAssetDr60PlantCr200Profitisstillconsideredtobeunrealised29DepreciableassetsAccumulatedDepreciationDr40Deprec

iationExpenseCr20RetainedProfits(1/7/01)Cr20IncomeTaxExpenseDr6RetainedProfits(1/7/01)Dr6DeferredTaxAssetCr123

0Intragroupservices◼Someexamplesofservicesbetweenrelatedentitiesinclude◼Lendingofspecialistpersonnelforlimitedperiodsoftime◼Oneentity

mayleaseorrentanitemofplantorwarehousefromtheother◼Asubsidiarymayexistsolelyforthepurposeofcarryingoutsomespecifictask31Intragroupservices◼SLtd

paid$30,000toPLtdfortheservicesofaspecialistemployee◼InPLtdCashDr30,000ServiceRevenueCr30,000◼InSLtdServiceEx

penseDr30,000CashCr30,000◼ConsolidationadjustmententryServicesRevenueDr30,000ServicesExpenseCr30,00032IntragroupBorrowingRECORDEDPOSITIO

NParentLtdLoantoSLtd(asset)$1000Interestrevenue70SubsidiaryLtdLoanfromPLtd(liability)$1000Interestexpens

e70At1/7/03PLtdlends$1000toSLtd.Interestpaidat30/6/04is$70.33IntragroupBorrowingECONOMICENTITYPOSITIONNoloanasset,noloanliabili

ty,norevenue,noexpensebecausenoexternalpartywasinvolvedCONSOLIDATIONWORKSHEETADJUSTMENTSDrLoanfromPLtd1000CrLoantoSLtd1000DrInterestr

evenue70CrInterestexpense70Notaxeffect34Intragroupdividendsfrompostacquisitionprofits◼Fromagroupview

pointinternaldividendsaresimplytransfersofcashfromonepartofthegrouptoanother.◼“Post-acquisition”dividendsaret

hosepaidfromprofitsearnedafterPLtd’sacquisitionofSLtd.◼PwillneverpaydividendstoS.Why?BecauseScannotlegallyownshare

sinitsownparentcompany.35Intragroupdividendsfrompost-acquisitionprofitsDIVIDENDWASPAIDINCURRENTPERIODRECO

RDEDPOSITIONParentLtdSubsidiaryLtdDividendrevenue$1000Interimdiv.$1000ECONOMICENTITYPOSITIONNodividendwa

spaidtoorreceivedfromanexternalpartyYLtdpaida$1000dividendtoXLtdon1/1/03.36Intragroupdividendsfrompost-acquisitionprofits

CONSOLIDATIONWORKSHEETDrDividendrevenue1000CrInterimdividend100037Intragroupdividendsfrompost-acquisitionprofitsRE

CORDEDPOSITIONSubsidiaryLtd:Proposedfinaldividendanddividendpayableof$1500ParentLtd:Dividendreceivableanddividendr

evenueof$1500ECONOMICENTITYPOSITIONNoexternalpartyinvolved–nodividendsAt30/6/03SubsidiaryLtdprovidedfo

ra$1500finaldividend.38Intragroupdividendsfrompost-acquisitionprofitsCONSOLIDATIONWORKSHEETDrDividendrevenue1500CrDividendreceivable15

00DrDividendpayable1500CrProposedfinaldividend1500

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