8The consolidated statement of financial position.docx
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8Theconsolidatedstatementoffinancialposition
Theconsolidatedstatementoffinancialposition
1.IFRS10summaryofconsolidationprocedure
IFRS10laysoutthebasicproceduresforpreparingconsolidatedfinancialstatements
1.1Basicprocedure
Thefollowingstepsarethentaken,inorderthattheconsolidatedfinancialstatementsshouldshowfinancialinformationaboutthegroupasifitwasasingleentity
1）Thecarryingamountoftheparent’sinvestmentineachsubsidiaryandtheparent’sportionofequityofeachsubsidiaryareeliminatedorcancelled.
2）Non-controllinginterestsinthenetincomeofconsolidatedsubsidiariesareadjustedagainstgroupincome,toarriveatthenetincomeattributabletotheownersoftheparent
3）Non-controllinginterestsinthenetassetsofconsolidatedsubsidiariesshouldbepresentedseparatelyintheconsolidatedstatementoffinancialposition
Othermatterstobedealtwithincludethefollowing
1）GoodwillonconsolidationshouldbedealtwithaccordingtoIFRS3
2）Dividendspaidbyasubsidiarymustbeaccountedfor
IFRS10statesthatallintragroupbalancesandtransactions,andtheresultingunrealizedprofits,shouldbeeliminatedinfull.Unrealizedlossesresultingfromintragrouptransactionsshouldalsobeeliminated.
1.2Cancellationandpartcancellation
Itemsrequiringcancellationmayincludethefollowing.
1）Theasset“sharesinsubsidiarycompanies”whichappearsintheparentcompany’saccountswillbematchedwiththeliability“sharecapital”inthesubsidiariesaccounts
2）Theremaybeintra-grouptradingwithinthegroup.Forexample,SComaysellgoodsoncredittoPCowouldthenbeareceivableintheaccountsofSCo,whileSCowouldbeapayableintheaccountsofPCo.
1.3Example:
cancellation
PCoregularlysellsgoodstoitsonesubsidiarycompany,SCo,whichithasownedsinceSCo’sincorporation.Thestatementoffinancialpositionofthetwocompanieson31December20*6aregivenbelow
STATEMENTOFFINANCIALPOSITIONASAT31DECEMBER20*6
PCo
SC0
$
$
Assets
Non-currentassets
property,plantandequipment
35,000
45,000
Investmentin40,000$1sharesinSCoatcost
40,000
75,000
Currentassets
Inventories
16,000
12,000
Receivables:
SCo
2,000
other
6,000
9,000
Cashatbank
1,000
Totalassets
100,000
66,000
Equityandliabilities
Equity
40,000$1ordinaryshares
40,000
70,000$1ordinaryshares
70,000
Retainedearnings
16,000
19,000
86,000
59,000
Currentliabilities
Bankoverdraft
3,000
Payables:
PCo
2,000
Payables:
other
14,000
2,000
Totalequityandliabilities
100,000
66,000
Required
PreparetheconsolidatedstatementoffinancialpositionofPCoat31December20*6
Solution
Thecancellingitemsare:
1）PCo’sasset‘investmentinsharesofSCo’（$40,000）cancelswithSCo’sliability‘sharecapital’（$40,000）
2）PCo’sasset‘receivables:
SCo’（$2,000）cancelswithSCo’sliability‘payables:
PCo’（$2,000）
Theremainingassetsandliabilitiesareaddedtogethertoproducethefollowingconsolidatedstatementoffinancialposition
PCo
CONSOLIDATEDSTATEMENTOFFINANCIALPOSITIONASAT31DECEMBER20*6
$
$
Assets
Non-currentassets
property,plantandequipment
80,000
Currentassets
Inventories
28,000
Receivables
15,000
Cashatbank
1,000
44,000
Totalassets
124,000
Equityandliabilities
Equity
70,000$1ordinaryshares
70,000
Retainedearnings
35,000
105,000
Currentliabilities
Bankoverdraft
3,000
Payables
16,000
19,000
Totalequityandliabilities
124,000
Notethefollowing
1）PCo’sbankbalanceisnotnettedoffwithSCo’sbankoverdraft.Tooffsetoneagainsttheotherwouldbelessinformativeandwouldconflictwiththeprinciplethatassetsandliabilitiesshouldnotbenettedoff.
2）Thesharecapitalintheconsolidatedstatementoffinancialpositionisthesharecapitaloftheparentcompanyalone.Thismustalwaysbethecase,nomatterhowcomplextheconsolidation,becausethesharecapitalofsubsidiarycompaniesmustalwaysbeawhollycancellingitem.
1.4partcancellation
Anitemmayappearinthestatementsoffinancialpositionofaparentcompanyanditssubsidiary,butnotatthesameamounts
1）Theparentcompanymayhaveacquiredsharesinthesubsidiaryatapricegreaterorlessthantheirparvalue.Thisraisestheissueofgoodwill.
2）Eveniftheparentcompanyacquiredsharesatparvalue,itmaynothaveacquiredallthesharesofthesubsidiary（sothesubsidiarymaybeonlypartlyowned）.Thisraisestheissueofnon-controllinginterest.
3）Theinter-companytradingbalancesmaybeoutofstepbecauseofgoodsorcashintransit.
4）Onecompanymayhaveissuedloanstockofwhichaproportiononlyistakenupbytheothercompany.
Theremaininguncancelledamountswillappearintheconsolidatedstatementoffinancialposition.
1）Uncancelledloanstockwillappearasaliabilityofthegroup
2）Uncancelledbalancesonintra-groupaccountsrepresentgoodsorcashintransit,whichwillappearintheconsolidatedstatementoffinancialposition.
Question
ThestatementsoffinancialpositionofPCoandofitssubsidiarySCohavebeenmadeupto30June.PCohasownedalltheordinarysharesand40%oftheloanstockofSCosinceitsincorporation.
STATEMENTOFFINANCIALPOSITIONASAT30JUNE
PCo
SC0
$
$
Assets
Non-currentassets
property,plantandequipment
120,000
100,000
InvestmentinSCoatcost
80000ordinarysharesof$1each
80,000
20000of12%loanstockinSCo
20,000
220,000
Currentassets
Inventories
50,000
60,000
Receivables
40,000
30,000
CurrentaccountwithSCo
18,000
Cash
4,000
6,000
112,000
96,000
Totalassets
332,000
196,000
Equityandliabilities
Equity
ordinarysharesof$1each,fullypaid
100,000
80,000
Retainedearnings
95,000
28,000
195,000
108,000
Non-currentliabilities
10%loanstock
75,000
12%loanstock
50,000
Currentliabilities
Payables
47,000
16,000
Taxation
15,000
10,000
CurrentaccountwithPCo
12,000
62,000
38,000
Totalequityandliabilities
332,000
196,000
Thedifferenceoncurrentaccountarisesbecauseofgoodsintransit
Required
PreparetheconsolidatedstatementoffinancialpositionofPCo
PCo
CONSOLIDATEDSTATEMENTOFFINANCIALASAT30JUNE
$
$
Assets
Non-currentassets
property,plantandequipment（120000+100000）
220,000
Currentassets
Inventories（50000+60000）
110,000
Goodsintransit（18000-12000）
6,000
Receivables（40000+30000）
70,000
Cash（4000+6000）
10,000
196,000
Totalassets
416,000
Equityandliabilities
Equity
ordinarysharesof$1each,fullypaid（Parent）
100,000
Retainedearnings（95000+28000）
123,000
223,000
Non-currentliabilities
10%loanstock
75,000
12%loanstock（50000*60%）
30,000
105,000
Currentliabilities
Payables（47000+16000）
63,000
Taxation（15000+10000）
25,000
88,000
Totalequityandliabilities
416,000
Noteespeciallyhow:
1）TheuncancelledloanstockinSCobecomesaliabilityofthegroup
2）Thegoodsintransitisthedifferencebetweenthecurrentaccounts（18000-12000）
3）TheinvestmentinSCo’ssharesiscancelledagainstSCo’ssharecapital
2Non-controllinginterests
Intheconsolidatedstatementoffinancialpositionitisnecessarytodistinguishnon-controllinginterestsfromthosenetassetsattributabletothegroupandfinancedbyshareholders’equity.
2.1Introduction
Non-controllinginterestcanbevaluedat:
a）Itsproportionateshareofthefairvalueofthesubsidiary’snetassets
b）Full（orfair）value（usuallybasedonthemarketvalueofthesharesheldbythenon-controllinginterest）
2.2Example:
non-controllinginterest
PCohasowned75%ofthesharecapitalofSCosincethedateofSCo’sincorporation.Theirlateststatementsoffinancialpositionaregivenbelow.
STATEMENTOFFINANCIALPOSITION
PCo
SC0
$
$
Assets
Non-currentassets
property,plantandequipment
50,000
35,000
30000$1ordinarysharesinSCoatcost
30,000
80,000
Currentassets
45,000
35,000
Totalassets
125,000
70,000
Equityandliabilities
Equity
$1ordinaryshares
80,000
40,000
Retainedearnings
25,000
10,000
105,000
50,000
Currentliabilities
20,000
20,000
Totalequityandliabilities
125,000
70,000
Required
Preparetheconsolidatedstatementoffinancialposition.
Solution
AllofSCo’snetassetsareconsolidateddespitethefactthatthecompanyisonly75%owned.Theamountofnetassetsattributabletonon-controllinginterestsiscalculatedasfollows.
$
Non-controllingshareofsharecapital（25%*40000）10000
Non-controllingshareofretainedearnings（25%*10000）2500
12500
OfSCo’ssharecapitalof$40000,$10000isincludedinthefigurefornon-controllinginterest,while$30000iscancelledwithPCo’sasset“investmentinSCo”
Theconsolidatedstatementoffinancialpositioncannowbeprepared.
PGROUP
CONSOLIDATEDSTATEMENTOFFINANCIALPOSITION
$
$
Assets
property,plantandequipment
85,000
Currentassets
80,000
Totalassets
165,000
Equityandliabilities
Equityattributabletoownersoftheparent
Sharecapital
80,000
Retainedearnings$（25000+75%*10000）
32,500
112,500
Non-controllinginterest
12,500
125,000
Currentliabilities
40,000
Totalequityandliabilities
165,000
2.3Procedure
a）Aggregatetheassetsandliabilit
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