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  3. University Of Southampton (UOS)
  4.  
  5. BSc Accounting And Finance
  6.  
  7. Management Accounting

Lecture notes

Group Accounts and the Consolidated Statement of Financial Position
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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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  • May 18, 2016
  • 9
  • 2015/2016
  • Lecture notes
  • Unknown
  • All classes

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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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