conso points - 14/12

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  1. (ai) include cont consideration at FV
  2. don't forget to leave one column for... whenever u see ....
    • elim of sales v COS
    • sales of goods between P and subsi
  3. reminders about RE - dividend
    • its is NOT zero by default
    • look for dividend declared in ^E or PL
  4. RE-PL and NCI-PL can be copied for the conso PL bottom split schedule except...
    RE>NCI (b/c non PL)
  5. if intragroup transaction doesn't happen in current year, eg. machine sold in previous year, the URP does not affect...
    • FP: RE-PL and NCI-PL(it affect RE-bf and NCI-bf)
    • IS: no conso JE
  6. conso PL amounts and signs
    • signs: follow non-split entry (same for bottom split schedule)
    • amounts: follow non-split entry (except for dividend and GW impairment because amounts calc are already just for Parent's share)
  7. intracompany loan
    • principle: elim in FP the nominal loan
    • interest: elim in FP the no of repayment outstanding, elim in IS to the extent of time elapsed since acquisition/last YE
  8. conso JE - FP and IS difference - RE>NCI, Share of A's profit
    • FP: transfer all change in RE since acquisition
    • IS: transfer just this year's profit
  9. conso JE - FP and IS difference - lose control during the year
    • FP: conso this year, with lose control conso JE
    • IS: all IS items up to point of disposal (apportion time)
  10. conso FP reminder: before adding hori for conso totals, check if all columns adds up to zero
  11. depreciation years (FV depreciation)
    • years elapsed since acquisition
    • remaining life since acquisition
  12. depreciation years (intragroup sale of PPE)
    • years elapsed since sales
    • remaining life since sales
  13. conso JE - lost control
    • 1. derecog: net asset(inc GW), NCI
    • 2. recog: consideration@FV, investment retained(A/C: investment in asso)
    • difference (2) - (1): gain/loss on disposal
  14. conso JE - lost interest but not lose control
    • 1. recog: consideration@FV,
    • 2. recog: increase in NCI
    • difference (1) -(2): R/E
  15. conso JE - gain control
  16. conso JE - gain interest but not control
  17. don't forget to look for these in ^E
    • dividends >S>P dividends Conso JE
    • other reserve> reserve>NCI conso JE
  18. technique
    hori sum all rows without adjustment
  19. highlight these line items in conso worksheet
    • 1. investment in asso, share of asso's profit
    • 2. RE -PL, NCI-PL
  20. all transaction over time requires time apportioning, eg
    FV depre, URP depre, RE>NCI, Share of A's P
  21. realizing URP (S>P)
    • FP: RE-bf to RE-PL & NCI-bf to NCI-PL (total amount = UPR realized)
    • IS: COGS, +, UPR realized
  22. S>P dividend
    • JE: Dr NCI (NCI-dividend) Dr PL (RE-PL) Cr Equity (RE-dividend)
    • *rationale: return the dividend distributed back to equity by reversing previously recog dividend income
  23. breakdown equity section
    • 1. SC
    • 2. RE-bf
    • 3. RE-PL
    • 4. RE-dividend
    • 5. NCI-bf
    • 6. NCI-PL
    • 7. NCI-dividend
    • 8. NCI - new subsi (the acq JE)
    • 9. revaluation reserve - bf
    • 10. OCI - CY
  24. markup (=cost plus) v gross margin
  25. GW impairment - if .... is positive>impair (%NCI)
    (CV of net assets + grossed up GW - recoverable amount(which normally inc GW)
  26. grossed up goodwill (%NCI) =
    (GW at acq + FV-tax-GW adjustments)/P's%
  27. no breakdown of RE, RE>NCI conso =....
    • profit attri NCI=
    • (ending RE+dividend paid - acq RE)*NCI%

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Author:
yhliuaa
ID:
326881
Filename:
conso points - 14/12
Updated:
2016-12-17 06:04:46
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conso points 14 12
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conso points - 14/12
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