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.
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 xivList of tables xviiPreface xixIntroduction to the book xxA The case study 11. About the group 12. Allocation of examples 1B Legal requirements for consolidated financial statements41. IFRS standards 52. Exemptions 183. Local accounting standards 194. Taxation 205. Definitions 21C Definition of groups 221. The control concept 232. Joint control 283. Loss of control 314. Group compositions 335. Special cases 34D Preparation of consolidated financial statements and annualreports 371. Lifecycle of subsidiaries 382. Structures 393. The preparation process 484. Organization 54E Initial consolidation 551. Basics 562. Mergers and acquisitions 623. Purchase price allocation 664. Other aspects of purchase price allocations 945. Consolidation techniques 966. Special cases 107F Subsequent consolidation 1211. Basics 1222. Subsidiary preparation 1253. Equity consolidation 1314. Debt consolidation 1365. Consolidation of income and expenses 1446. Unrealized profits 1567. Non-controlling interests 1708. Group-level transactions 1739. Special cases 186G Associated companies 2131. Basics 2142. Consolidation techniques 2163. Treatment of losses 2364. Impairments 2375. Special cases 238H Joint arrangements 2421. Basics 2432. Accounting and consolidation 2463. Disposals / Deconsolidation 249I Changes in control 2531. Basics 2542. The parent’s view 2543. Increase in investments 2554. Decrease in investments 2665. Acquisitions and disposals without changes in control 2756. Special cases 285J Disposals and deconsolidation 2881. Basics 2892. Control 2903. Deconsolidation techniques 2914. Discontinued Operations 306K Special areas 3201. Currency translation of foreign operations 3212. Deferred taxes in groups 3343. Cash flow statements 3444. Partnerships 3505. Restructuring of groups 352L Management consolidation 3611. Basics 3622. Business units 3633. Projects and cost units 3684. Dependency between management consolidations and consolidatedfinancial statements 370M Consolidated financial statements 3711. Basics 3722. Statements 3723. Notes & group disclosures 3734. Management report 377Appendix I: Fair value measurement ccclxxix1. History ccclxxix2. Definition ccclxxx3. Measurement ccclxxxi4. Measurement techniques for selected assets and liabilitiesccclxxxiiiAppendix II: IFRS - US-GAAP comparison ccclxxxvAppendix III: IFRS ccclxxxviii1. List of IFRS ccclxxxviii2. IFRIC and SIC interpretations ccclxxxixReference list cccxciGlossary cccxciiIndex cccxcvi