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Preparing Consolidated Financial Statements

A very important topic in accounting and finance especially for those working for a group of companies. This topic is discussed and explained according to the international financial reporting standards (IFRS)

Course Outline

Good to know

  • What consolidated financial statements are
  • Why we need to prepare consolidated financial statements
  • Companies that must prepare consolidated Financial Statements
  • When the parent is exempted from preparing consolidated financial statements
  • How investment in subsidiaries is measured in the separate financial statements
  • What the acquisition method is and when we use it
  • What the equity method is and when we use it


  • What is meant by control
  • What are the indicators of control
  • How do we deal with restricted control/temporary control ?

Non-controlling interest (NCI)

  • Definition
  • Measurement (using both proportional method and fair value method)

How to calculate consideration cost when consideration is:

  • Cash Only
  • Cash AND/OR Shares issued
  • Deferred Consideration
  • Contingent Consideration


  • What is goodwill
  • How is Goodwill calculated
  • When do we gross up goodwill
  • How to treat goodwill impairment

Consolidation Process

  • Consolidation adjustments (Goodwill, Non Controlling Interests, Consolidated Reserves)
  • Fair value adjustments for subsidiaries
  • Other Adjustments (Intragroup balances, unrealized profit, Inventory, sale of non-current assets, etc..)
  • Inta-group transactions and items (Intra group items, Interest, dividends, etc…)
  • Deferred Tax Treatment
  • Contingent Liabilities
  • Combined Financials
  • Eliminating entries

How to prepare

  • Consolidated Statement of Financial Position
  • Consolidated Statement of Other Comprehensive Income
  • Consolidated Statement of Changes in Equity

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