100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Group Accounts and the Consolidated Statement of Financial Position $3.90   Add to cart
Quickly navigate to
Preview
  2.  
  3. University Of Southampton (UOS)
  4.  
  5. BSc Accounting And Finance
  6.  
  7. Management Accounting

Class notes

Group Accounts and the Consolidated Statement of Financial Position
 155 views  2 purchases
  • 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.

Preview 1 out of 9  pages

Document information

  • May 18, 2016
  • 9
  • 2015/2016
  • Class notes
  • Unknown
  • All classes

Subjects

  • 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

Written for

  • University of Southampton (UOS)
  • BSc Accounting and Finance
  • Management Accounting
All documents for this subject (1)

Seller

avatar-seller
JamesNaldrett

Reviews received

Content preview

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

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller JamesNaldrett. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $3.90. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

77858 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$3.90  2x  sold
  • (0)
  Add to cart