Principles of Group Accounting under IFRS / Edition 1

Principles of Group Accounting under IFRS / Edition 1

by Andreas Krimpmann
ISBN-10:
1118751418
ISBN-13:
9781118751411
Pub. Date:
06/02/2015
Publisher:
Wiley

Paperback

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Overview

Principles of Group Accounting under IFRS / Edition 1

A professional perspective to implementing IFRS 10, 11, and12

The new International Financial Reporting Standards (IFRS) 10,11, and 12 are changing group accounting for many businesses. Asbusiness becomes increasingly global, more and more firms will needto transition using the codes and techniques described inPrinciples of Group Accounting under IFRS. This book is apractical guide and reference to the standards related toconsolidated financial statements, joint arrangements, anddisclosure of interests. Fully illustrated with a step-by-step casestudy, Principles of Group Accounting under IFRS is equallyvaluable as an introductory text and as a reference for addressingspecific issues that may arise in the process of consolidatinggroup accounts.

The new international standards will bring about significantchanges in group reporting, and it is essential for accountants,auditors, and business leaders to understand their implications.Author Andreas Krimpmann is an internationally recognized authorityon the transition from GAAP to IFRS, and this new text comespackaged with GAAP/IFRS comparison resources that will help makethe changes clear. Other bonus resources include an Excel-basedconsolidation tool, checklists, and a companion website with thelatest information. Learn about:

  • Definitions, requirements, processes, and transition techniquesfor IFRS 10, 11, and 12 covering group level accounting
  • Practical implementation strategies demonstrated through aclear case study of a midsize group
  • Key concepts related to consolidated financial statements,joint ventures, management consolidation, and disclosure ofinterests
  • Comparisons between GAAP and IFRS to clarify the requiredchanges for international firms

Whatever stage of the consolidation process you are in, you willappreciate the professional perspective in Principles of GroupAccounting under IFRS.

Product Details

ISBN-13: 9781118751411
Publisher: Wiley
Publication date: 06/02/2015
Series: Wiley Regulatory Reporting Series
Pages: 856
Product dimensions: 7.40(w) x 9.00(h) x 1.80(d)

About the Author

Andreas Krimpmann, Berlin, Germany, is a Certified Public Accountant and owner of Krimpmann MBA ▪ CPA, providing consulting and services in financial and management accounting. He is Head of the IFRS and Controlling working group of the Internationaler Controllerverein and Head of the IFRS-Practice Committee of the German CPA Society. Andreas is also an Associate Professor at Berlin universities (Beuth University of Applied Sciences and HTW University of Applied Sciences) for accounting, management accounting and taxes and teaches IFRS and group accounting at various training academies and educational institutions (e.g. Haufe Academy).

Table of Contents

List of figures xiv

List of tables xvii

Preface xix

Introduction to the book xx

A The case study 1

1. About the group 1

2. Allocation of examples 1

B Legal requirements for consolidated financial statements4

1. IFRS standards 5

2. Exemptions 18

3. Local accounting standards 19

4. Taxation 20

5. Definitions 21

C Definition of groups 22

1. The control concept 23

2. Joint control 28

3. Loss of control 31

4. Group compositions 33

5. Special cases 34

D Preparation of consolidated financial statements and annualreports 37

1. Lifecycle of subsidiaries 38

2. Structures 39

3. The preparation process 48

4. Organization 54

E Initial consolidation 55

1. Basics 56

2. Mergers and acquisitions 62

3. Purchase price allocation 66

4. Other aspects of purchase price allocations 94

5. Consolidation techniques 96

6. Special cases 107

F Subsequent consolidation 121

1. Basics 122

2. Subsidiary preparation 125

3. Equity consolidation 131

4. Debt consolidation 136

5. Consolidation of income and expenses 144

6. Unrealized profits 156

7. Non-controlling interests 170

8. Group-level transactions 173

9. Special cases 186

G Associated companies 213

1. Basics 214

2. Consolidation techniques 216

3. Treatment of losses 236

4. Impairments 237

5. Special cases 238

H Joint arrangements 242

1. Basics 243

2. Accounting and consolidation 246

3. Disposals / Deconsolidation 249

I Changes in control 253

1. Basics 254

2. The parent’s view 254

3. Increase in investments 255

4. Decrease in investments 266

5. Acquisitions and disposals without changes in control 275

6. Special cases 285

J Disposals and deconsolidation 288

1. Basics 289

2. Control 290

3. Deconsolidation techniques 291

4. Discontinued Operations 306

K Special areas 320

1. Currency translation of foreign operations 321

2. Deferred taxes in groups 334

3. Cash flow statements 344

4. Partnerships 350

5. Restructuring of groups 352

L Management consolidation 361

1. Basics 362

2. Business units 363

3. Projects and cost units 368

4. Dependency between management consolidations and consolidatedfinancial statements 370

M Consolidated financial statements 371

1. Basics 372

2. Statements 372

3. Notes & group disclosures 373

4. Management report 377

Appendix I: Fair value measurement ccclxxix

1. History ccclxxix

2. Definition ccclxxx

3. Measurement ccclxxxi

4. Measurement techniques for selected assets and liabilitiesccclxxxiii

Appendix II: IFRS - US-GAAP comparison ccclxxxv

Appendix III: IFRS ccclxxxviii

1. List of IFRS ccclxxxviii

2. IFRIC and SIC interpretations ccclxxxix

Reference list cccxci

Glossary cccxcii

Index cccxcvi

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