Group Accounting
Presenting group activity as a single entity requires a methodical approach. It is a complex process, changing with group size and status, and getting the consolidated financial statements right can be a challenge. This course explores the issues and assesses the risks and responsibilities of a group audit.
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This course will enable you to
- Define group structures and be aware of who must prepare group accounts
- Prepare consolidated financial statements
- Understand how group status changes depending on acquisitions and disposals
- Grasp the complexities of audit planning for a group
About the course
Group accounting aims to enable all involved companies to present as a single entity. This requires a methodical approach, particularly as complexity increases with the group’s size and changes in control of subsidiaries. The preparation of consolidated financial statements therefore presents challenges, necessitating consistent group-wide controls.
This course explores the structure of groups and how varying levels of percentage ownership interest can impact relationships between group members. It summarises the strategy needed for group audits, detailing how the group audit engagement team interacts with component auditors to avoid risks of material misstatement, and highlights the common errors and assumptions made during group audits.
Look inside
Contents
- An introduction to group accounting
- Defining group accounting
- When to prepare?
- Mandatory group accounting
- Voluntary preparation
- Auditing group accounts
- Initial preparation of group accounts
- The purpose of eliminations
- Eliminating intra-group transactions
- Preparing consolidated financial statements
- Consolidated income statement/profit and loss account
- Consolidated statement of financial position
- Consolidated statement of cash flows
- Additional cash flow considerations
- Acquisitions and disposals
- Acquisition of a subsidiary
- Alternative acquisitions
- Disposal of a subsidiary
- Deemed disposals
- Partial disposal - control lost
- Auditing group financial statements
- Planning a group audit
- Component auditors
- Responsibilities
- Auditing group accounts
- Auditing the consolidation
- Common problems
How it works
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| Access to this course | ||||
| Total CPD unitshourshours | 4 unitshourshours | 21 units20 hours21 hours | 1,500+ unitshourshours | 1,500+ unitshourshours |
| Access period | 120 days | 120 days | 12 months | 12+ months |
| Audit-proof CPD completion certificate | ||||
| Immediate access to our entire CPD catalogue | ||||
| Monthly webinars, 15-minute CPD Bites, video interviews with industry leaders, and more! | ||||
| Account manager on hand to support your team’s needs | ||||
| Learn more | Learn more | Learn more | ||
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Use ACPD101 for 10% off any purchase.