Class notes

Group Accounts and the Consolidated Statement of Financial Position

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Course
Management Accounting

Institution
University Of Southampton (UOS)

Lecture notes covering what group accounts are under various accounting frameworks and how to create a consolidated statement of financial position including all of the various adjustments required. A worked example included.

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Uploaded on May 18, 2016
Number of pages 9
Written in 2015/2016
Type Class notes
Professor(s) Unknown
Contains All classes

group
account
consolidated
statement
financial
position
ifrs 10
parent
subsiduary
ias 27
ifrs 3
ias 28
control
power
assets
liabilities
retained
earnings
fair values
adjustments
goodwill
non controlli

Institution
University of Southampton (UOS)
Education
BSc Accounting and Finance
Course
Management Accounting

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Accounting & Finance
Management Accounting
Group Accounts and Consolidated Statements of Financial Position

Objectives
1. Describe the concept of a group as a single economic unit
2. Examine consolidated procedures under IFRS 10
3. Prepare a consolidated statement of financial position for a single group,
consisting of a parent and one subsidiary

Group Accounts
What is a Group?
Essentially, the basic feature of a group is that one company (the parent company)
controls all the others within the group (the subsidiaries).
Each company in the group will prepare its own individual company accounts.
However, if a group exists, the parent company must prepare consolidated accounts on
the assumption that all transactions of the group were carried out by a single equivalent
company.

Accounting Standards Dealing with Group Accounts
There are four accounting standards which deal with group accounts, as below:
1. IFRS 10 Consolidated Financial Statements
2. IAS 27 (revised) Separate Financial Statements
3. IFRS 3 Business Combinations
4. IAS 28 Investments in Associates

Basic Related Definitions
The following definitions apply under IFRS 10:
 Group – a parent organisation and its subsidiaries
 Parent – an entity that has one or more subsidiaries
 Subsidiary – an entity that is controlled by another entity

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