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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