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Магистратура 2019/2020

Консолидированная финансовая отчетность

Направление: 38.04.08. Финансы и кредит
Кто читает: Школа финансов
Когда читается: 1-й курс, 4 модуль
Формат изучения: Full time
Преподаватели: Кузубов Сергей Анатольевич (читает лекции, ведет семинары и принимает экзамены/зачеты)
Прогр. обучения: Стратегическое управление финансами фирмы
Язык: английский
Кредиты: 3

Программа дисциплины

Аннотация

Course is designed for master students who have had experience with International Financial Reporting standards, who studied local or international financial accounting practices before or has accounting background. This course starts classification of investments into financial assets, into associated companies based on the criteria of significant influence, and into subsidiaries based on the criteria of control. We proceed with the question of business combinations starting with the development of the understanding what is business combination as it is defined in IFRS, what the notion of business is, and then discuss the indicators of this kind of deals as opposed to purchasing a selection of assets and liabilities. This course looks in details at 4 steps of accounting for business combinations, initial recognition and measurement of identified intangible assets and goodwill, calculation of non-controlling interest. It also covers the issue of subsequent goodwill impairment. Consolidation principles and techniques are studied, as well the scope of consolidation and exceptions. Also the course is focused on the accounting and reporting for associates using equity method. The course does not require extensive knowledge of mathematics and statistics. The course has a course on IFRS as a prerequisite.
Цель освоения дисциплины

Цель освоения дисциплины

  • To acquire the ability to apply specific accounting standards and legislations to different transactions and events and in preparation and presentation of consolidated financial statements of various business entities
Результаты освоения дисциплины

Результаты освоения дисциплины

  • Identify situations in which consolidated financial statements should be presentedand the scope of consolidated financial statements (IFRS 10.4).
  • . Define control (IFRS 10 Appendix A and IFRS 10.5-.18)
  • Account for a business combination in which control is achieved in stages[IFRS 3.41-.42]
  • Account for business combinations by applying the acquisition method [IFRS 3.4-.53]
  • Account for measurement period adjustments [IFRS 3.45-.50].
  • Determine what forms part of a business combination [IFRS 3.51-.52].
  • Identify a business combination [IFRS 3.3].
  • Test goodwill for impairment annually, or more frequently if events or changes incircumstances indicate that the asset might be impaired in accordance withIAS 36.10(b)
Содержание учебной дисциплины

Содержание учебной дисциплины

  • Introduction to groups.
    Discuss the history and motives for business combinations. Recognize when consolidation of financial information into a single set of statements is necessary. Define the term business combination and differentiate across various forms of business combinations. The concepts of control and ownership. Describe a variable interest entity, a primary beneficiary, and the factors used to decide when a variable interest entity is subject to consolidation.
  • Consolidation principles and techniques
    The acquisition method/ How to determine the acquirer – who has control. Determine the total fair value of the consideration transferred for an acquisition and allocate that fair value to specific subsidiary assets acquired (including goodwill) and liabilities assumed or to a gain on bargain purchase. Fair value hierarchy/. Identifying principal am most advantageous market/ Discuss the rationale for the goodwill impairment testing approach. Describe the procedures for conducting a goodwill impairment test. Understand the accounting and reporting for contingent consideration subsequent to a business acquisition
  • Consolidated Financial Statements with Non-controlling Interest
    Describing the valuation principles underlying the acquisition method of accounting for the non-controlling interest. Allocating goodwill acquired in a business combination across the controlling and non-controlling interests. The computation and allocation of consolidated net income in the presence of a non-controlling interest. Identifying appropriate placements for the components of the non-controlling interest in consolidated financial statements. The impact on consolidated financial statements when a step acquisition has taken place. Recording the sale of a subsidiary (or a portion of its shares). Prepare the journal entry to consolidate the accounts of a subsidiary. Prepare a worksheet to consolidate the accounts of two companies that form a business combination
  • Intra-group transactions.
  • Accounting for associates.
    Describe in general the various methods of accounting for an investment in equity shares of another company. Identify the sole criterion for applying the equity method of accounting and guidance in assessing whether the criterion is met. Prepare basic equity method journal entries for an investor and describe the financial reporting for equity method investments. Allocate the cost of an equity method investment and compute amortization expense to match revenues recognized from the investment to the excess of investor cost of investee book value. Record the sale of an equity investment and identify the accounting method to be applied to any remaining shares that are subsequently held. Describe the rationale and computations to defer unrealized gains on intra-entity transfers until the goods are either consumed or sold to outside parties. Explain the rationale and reporting implications of the fair-value option for investments otherwise accounted for by the equity method.
  • Consolidation of foreign operations
    Understand concepts related to foreign currency, exchange rates, and foreign exchange risk. Explaining the difference between functional and presentation currency and adjustments for foreign currency transactions. Accounting for the translation of foreign currency transactions and monetary/non-monetary foreign currency items at the reporting date. Translate a foreign subsidiary's financial statements into its parent's reporting currency using the current rate method and calculate the related translation adjustment. Prepare a consolidation worksheet for a parent and its foreign subsidiary.
Элементы контроля

Элементы контроля

  • Work Activity (неблокирующий)
    Work activity during seminar hours is controlled with attendance records and scoring involvement into discussions as well as quality of exercise performance during seminars. Higher participation grades will be given for insightful comments or questions that relate to class material, minimal grades will be assigned for simple questions of clarification, and deductions will be distributed for students attempting to confuse, delay, or embarrass the discussion leader. Attendance in class is an important priority. Consolidation is a course that continues to build on the knowledge gained. It is not possible to understand and grasp the fundamentals being taught in later topics unless the earlier topics have been mastered.
  • Homework (неблокирующий)
    There are 4 case studies to be assigned as home teamwork. Homework problems will be checked in class with presentation. Prior to checking the homework, the instructor check all working papers for completion. Late homework will be assessed a 50% late penalty.
  • Written exam (неблокирующий)
    The exams are in-class, closed book exams. Final exam is only available in the computer-based form (LMS). All questions in the exam are compulsory. The exam contains a mix of objective test with 20 multiple-choice questions (4 marks) and longer problem study (6 marks) with a duration of 2 hours. The pass mark will be 40%. If you cannot take an exam, you must contact the instructor prior to the start of the exam
Промежуточная аттестация

Промежуточная аттестация

  • Промежуточная аттестация (4 модуль)
    0.2 * Work Activity + 0.3 * Homework + 0.5 * Written exam
Список литературы

Список литературы

Рекомендуемая основная литература

  • Advanced accounting, Hoyle J. B., Schaefer T. F., Doupnik T. S., ISBN: 978-0-07-128802-6, 2009
  • Intermediate accounting, Kieso D. E., Weygandt J. J., Warfield T. D., ISBN: 978-0-470-61630-7, 2011