Consolidations – From theory to practical case studies - 2 Session Package

FinanceMalta

July 21, 2020

Consolidations – From theory to practical case studies - 2 Session Package

IFRS 10 ‘Consolidated Financial Statements’ defines consolidated financial statements as “the financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries are presented as those of a single economic entity”.This Course is split in 2 sessions. The first session will cover the theoretical, legal and regulatory background of consolidations whilst the second session will cover the practical side of consolidations, including a series of case studies of three levels.Session 1:

Consolidation applicability on the accounting side – the existence or otherwise of control, specific exemptions, the relevance of goodwill and that of NCI.
Consolidation applicability on the legal side – what do the Companies Act, GAPSME and IFRS state?
Discussion of conflicts between national law and accounting frameworks.

Session 2:

Basic level: an in-depth understanding of basic consolidation principles.
Intermediate level: introducing the accounting treatment of the acquisition of a subsidiary.
Advanced level: consolidating with excellence when various complications arise.

Participants are expected to have a basic understanding of financial reporting and double entry.

Overview

Why Attend?

Agenda Highlights:

09:15 - 12:30 - Session 1 -
1. An introduction to consolidation.
2. The Companies that need to consolidate and the companies that do not.
3. An overview of Companies Act provisions regulating consolidated financial statements.
4. A compare and contrast exercise between IFRS and GAPSME.
5. Resolving conflicts between different laws and regulations.
6. A sound theoretical foundation before applying the practice, i.e. discussion of concepts and practical applications of notions such as control, goodwill, consolidated retained earnings, the main consolidation adjustments and non-controlling interest (NCI).
7. Concluding theoretical remarks and summaries.
09:15 - 12:30 - Session 2 -
1. Basic Consolidations:a) Consolidation of a fully-owned subsidiaryb) Basic consolidation of a not fully-owned subsidiary
2. Intermediate Consolidations:a) Acquisition of subsidiary in cash.b) Acquisition of subsidiary via deferred consideration.c) Acquisition of subsidiary with differences between fair value and book values.d) Step-acquisitions.
3. Advanced Consolidations:a) Multi-tier structures.b) Group companies in foreign currencies.c) Disposals.

Confirmed Speakers

Mr. John Debattista - John Debattista is a Certified Public Accountant and Registered Auditor. John is one of the founding partners at Zampa Debattista and heads the Audit and Assurance function and the firm’s IFRS Advisory Technical team.John lectures the Corporate modules at the final stages of the ACCA and ACA course for the ICAEW, Institute Chartered of Accountants for England and Wales. John is also a speaker in various audit and accounting seminars delivered by a number of institutes in Malta. He also lectures the Diploma in IFRS (DipIFR).John sits on a number of MIA committees namely, the audit, financial reporting and SMP committees
Mr. Paul Zammit - Paul Zammit joined Zampa Debattista in January 2017. Paul graduated from the University of Malta after completing the Bachelor of Accountancy (Honours) Degree in 2008. Paul commenced his career in audit and switched to accountancy in 2012. He spent most of his time in accountancy managing a portfolio of international clientele, before joining Zampa Debattista’s accounts department in 2017. After a few months, Paul decided to accept the internal opportunity to specialise in technical matters and increase his proficiency in reporting standards. Paul is currently involved in technical accounting and advisory assignments, whilst training and assisting internal staff and external people on IFRS technical matters.