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

thateliminatetheeffectsofinter-entitytransactionssuchas-▪inter-entityservices,saleofinventoryanddepreciableasse

ts▪inter-entityborrowings▪inter-entitydividends3TheneedforadjustmentsThepurposeofconsolidatefinancialstatementsistoprovidein

formationofdealingswithexternalpartiesonly.Hencetheeffectsofthetransactionswithinthegroupmustbeadjusted.AASB127

para24“Intragroupbalances,transactions,incomeandexpensesshallbeeliminated.”4Theneedforadjustments◼AASB127para26◼Thefinancials

tatementsoftheparentanditssubsidiariesshallbepreparedasofthesamereportingdate.◼Whendifferentthesubsidiarymustprepareadditionalfinancialstatementsasof

thesamedateastheparent.5TheneedforadjustmentsAnyprofitsmadeoninter-entitytransactionsmustbeeliminatedbecause,fromagroupviewpoint,theyar

eunrealisedprofits.Eachgroupassetmustbeshownatitscosttothegroup(whichmaybedifferenttothecostrecordedbytheentitywithinthegroupthatcurrentlyownsthea

sset).6TheneedforadjustmentsEachgroupliabilitymustrepresentanobligationtoanentityoutsidethegroupWemayhavetoadj

ustfortheeffectsofpriorperiodtransactionsaswellascurrentperiodtransactions.Thisisbecauseconsolidationadjus

tmententriesareappliedinaworksheetonlyandnotintheaccountsofeithertheparentoranyofitssubsidiaries.7TheneedforadjustmentsW

henitemsofstockaresoldwithinthegroup(e.g.PtoS,orStoP)anyprofitmadeonthesalemustbeeliminated.Theunrealisedprofitsontheseinternalsalesw

illdistortstocklevelsindollarterms.Wewilleliminatetheseunrealisedprofitsbymeansofadjustmentstoopeninga

ndclosingstockamounts.8TheneedforadjustmentsUnrealisedprofitsoninternalsalesbecomerealisedgroupprofitsifandwhentheitemthatwassoldinternallyp

assestoabuyeroutsidethegroup.Whenthisoccursthegroupwillrecordsalesrevenueandthecosttothegroupofwhatwassold(COGS).9Exampl

e:PsoldanitemofstocktoSfor$100cash.Assumethatthissalewasatcost,sonoprofitwasrecognisedbyP.InthebooksofP:DrBank100CrSales*100InthebooksofS:DrPurch

ases*100CrBank100*GroupeffectInventoryadjustments10InventoryadjustmentsThefinaleffectofthissalefromagroupviewpointis:DrPurcha

ses100CrSales100Toreversethiseffectandsoavoidoverstatinggroupsalesandpurchases:DrSales100CrPurchases100Thisentryhasnoeffectongroupprofit.11Inventorya

djustmentsHowisgrossprofitcalculated?ToreduceCrSALESREVENUEDrprofitDr-COGSCrprofit=GROSSPROFIT12Inventoryadjustments

Howiscostofgoodssoldcalculated?ToreduceDropeningstockCrDr+purchasesCrCr-closingstockDrDr=costofgoodssoldCrReducin

gopeningstockincreasesprofitReducingclosingstockreducesprofit13InventoryadjustmentsAdjustmententriesmayaffectassetandliabilitybalancese.g.transferof

inventoryataprofit.Wherecarryingamountsdifferfromtaxbase,tax-effectmustbeconsidered.Thelegalentity’srecordsconsiderthedifferencesbetweenthetaxb

aseandthecarryingamountinthelegalentity.Onconsolidation,itisthechangeinthecarryingamountthataffectthisrelationshipandrequiresadjustm

ent.14InventoryadjustmentsExample:IfSubLtdcarriesanassetat$100andthetaxbaseoftheassetis$80,SubLtdwillraiseadeferredtaxliabilityof30%x

$20.Ifonconsolidationanadjustmentismadetoreducetheassetto$90,thecarryingamounttotheeconomicentity,thedeferredtaxli

abilitymustbereducedby30%x$10.Combiningthelegalentities’recordsandtheconsolidationadjustmentresultsintheeconomic

entity’spositionbeingshownintheconsolidatedfinancialstatements.15InventoryadjustmentsAt1/7/00,ParentLtdsellsinventorytoSubLtdfor$1000ataprofitbe

foretaxof$200.Taxrateis30%.Allinventoryisunsoldat30/6/01.RECORDEDPOSITIONParentLtd:SubLtd:Salesof$1000Inventoryat$1000Costofsalesof$800Profitof$2

00Incometaxexpenseof$6016InventoryadjustmentsECONOMICENTITYPOSITION◼Nosalestoexternalparties◼Nocostofsalestoex

ternalparties◼Noprofitonsaleofinventorytoexternalparties◼Costofinventoryat30/6/01is$80017InventoryadjustmentsCONSOLIDATIONWORKSHEETADJU

STMENTSalesDr1000CostofSalesCr800InventoryCr200DeferredTaxAssetDr60IncomeTaxExpenseCr60*Carryingamountofinvento

ryisreducedfrom$1000to$800.CA<TBby$200.(DTAof$200x0.3)18InventoryadjustmentsAssumeallthetransferredinventoryis

soldbySubLtdexternallyfor$1200by30/6/01.RECORDEDPOSITIONParentSubTotalSales100012002200Costofsales80010001800Profit200200400Taxexpen

se606012019InventoryadjustmentsECONOMICENTITYPOSITIONSalesof$1200–toexternalpartyCostofsalesof$800–frome

xternalpartyProfitof$400Taxexpenseof$120CONSOLIDATIONWORKSHEETADJUSTMENTSalesDr1000CostofSalesCr10002

0InventoryadjustmentsAssumeat30/6/01thatSLtdhassold75%oftheinventoryexternallyfor$900.Thatisthereisendinginventorycontain

ingunrealisedprofitof$50i.e.25%x$200.RECORDEDPOSITIONParentSubTotalSales$1000$900$1900Costofsales8007501550Inventory-250

25021InventoryadjustmentsECONOMICENTITYPOSITIONSales$900Costofsales600i.e.75%x$800Inventory200i.e.25%x$800CONSO

LIDATIONWORKSHEETADJUSTMENTSalesDr1000CostofSalesCr950Inventory*Cr50*Note:thisis25%xprofitof$200.Netresulti

stodecreasegroupprofitby$50.22InventoryadjustmentsAsinventoryisbeingreducedby$50,atax-effectentryisrequiredasCA<

TBby$50:DeferredTaxAssetDr15IncomeTaxExpenseCr15Thedeferredtaxassetisreversedwhentheinventoryissoldexternally.23Inventoryadjustment

sAt1/7/01,inventorycontainingunrealisedprofitof$50remainsonhand.Intheconsolidationworksheetfor2001-02:RetainedProfits(1/7/01)Dr35I

ncomeTaxExpense**Dr15CostofSales*Cr50nSLtdrecordscostofsalesof$250,theeconomicentitywouldrecord$200.nResultisthatt

hisyear’sgroupprofitwillincreaseby$50beforetax.24DepreciableassetsOn1/7/00,ParentLtdsellsplanttoSubLtdfor$1000.IthadacarryingamountinParen

tLtdof$800.Depreciationis10%p.a.RECORDEDPOSITION–SaleofassetParentSubRevenue$1000Plant$1000Carryingamountofassetsold$800Incometaxexpense6025D

epreciableassetsECONOMICENTITYPOSITIONNosalePlantheldatcostof$800CONSOLIDATIONWORKSHEETADJUSTMENTRevenue–ProceedsDr1000CarryingAmou

ntofPlantSoldCr800PlantCr20026DepreciableassetsAscarryingamountofassethasbeenreducedonconsolidationby$200,thenC

A<TBorviewitasgroupprofitdecreasingby$200:DeferredTaxAssetDr60IncomeTaxExpenseCr60REALISATIONOFPROFITNoexternalpartyinvolvedProfitisrealised

asassetisconsumed–measuredbyreferencetodepreciation27DepreciableassetsDepreciation:SubLtddepreciatesplantat10%p.a.oncostof$1

000i.e.$100Theeconomicentitychargesdepreciationat10%p.a.oncostof$800i.e$80CONSOLIDATIONWORKSHEETADJUSTMENTAccum

ulatedDepreciationDr20DepreciationExpenseCr20IncomeTaxExpenseDr6DeferredTaxAssetCr628DepreciableassetsSUBSEQUENTPERIO

DS-ASASSETREMAINSONHANDCONSOLIDATIONWORKSHEETADJUSTMENTSALEOFASSETRetainedProfits(1/7/01)Dr140Deferr

edTaxAssetDr60PlantCr200Profitisstillconsideredtobeunrealised29DepreciableassetsAccumulatedDepreciationDr40DepreciationExpenseCr20Retaine

dProfits(1/7/01)Cr20IncomeTaxExpenseDr6RetainedProfits(1/7/01)Dr6DeferredTaxAssetCr1230Intragroupserv

ices◼Someexamplesofservicesbetweenrelatedentitiesinclude◼Lendingofspecialistpersonnelforlimitedperiodsoftime◼Oneentitymayleaseorrenta

nitemofplantorwarehousefromtheother◼Asubsidiarymayexistsolelyforthepurposeofcarryingoutsomespecifictask31Intragroupservices

◼SLtdpaid$30,000toPLtdfortheservicesofaspecialistemployee◼InPLtdCashDr30,000ServiceRevenueCr30,000◼InSLtdServiceExpenseDr30,000CashCr30,000◼

ConsolidationadjustmententryServicesRevenueDr30,000ServicesExpenseCr30,00032IntragroupBorrowingRECORDEDPOSITIONParentLtdLoantoS

Ltd(asset)$1000Interestrevenue70SubsidiaryLtdLoanfromPLtd(liability)$1000Interestexpense70At1/7/03PLtdlends$10

00toSLtd.Interestpaidat30/6/04is$70.33IntragroupBorrowingECONOMICENTITYPOSITIONNoloanasset,noloanliability,norevenue,noexpensebecausen

oexternalpartywasinvolvedCONSOLIDATIONWORKSHEETADJUSTMENTSDrLoanfromPLtd1000CrLoantoSLtd1000DrInterestrevenue70CrInterestexpense70Notax

effect34Intragroupdividendsfrompostacquisitionprofits◼Fromagroupviewpointinternaldividendsaresimplytransfersofcashfromonepartofthegrouptoa

nother.◼“Post-acquisition”dividendsarethosepaidfromprofitsearnedafterPLtd’sacquisitionofSLtd.◼Pwillneve

rpaydividendstoS.Why?BecauseScannotlegallyownsharesinitsownparentcompany.35Intragroupdividendsfrompost-acquisitionprofitsDIVIDENDWASPAIDINCURRENTPER

IODRECORDEDPOSITIONParentLtdSubsidiaryLtdDividendrevenue$1000Interimdiv.$1000ECONOMICENTITYPOSITIONNodivide

ndwaspaidtoorreceivedfromanexternalpartyYLtdpaida$1000dividendtoXLtdon1/1/03.36Intragroupdividendsfrompost-acquisitionprofitsCONSOLIDATION

WORKSHEETDrDividendrevenue1000CrInterimdividend100037Intragroupdividendsfrompost-acquisitionprofitsRECORDEDPOSITIONSubsidiaryLtd:Proposedfi

naldividendanddividendpayableof$1500ParentLtd:Dividendreceivableanddividendrevenueof$1500ECONOMICENTITYPOSITIONNoexternalp

artyinvolved–nodividendsAt30/6/03SubsidiaryLtdprovidedfora$1500finaldividend.38Intragroupdividendsfrompost-acquisitio

nprofitsCONSOLIDATIONWORKSHEETDrDividendrevenue1500CrDividendreceivable1500DrDividendpayable1500CrProposedfinaldividend1500