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Fax your reply to WORKSHOP DETAILS 6224 2555 REPLY SLIP New FRS for Consolidated Accounting: Preparing for the New Financial Reporting Requirements Date : 12 September 2014 Time : 9.00am 5.00pm Venue

How to fill out new frss for consolidated

How to fill out new FRSS for consolidated:

1. Gather all financial statements: Collect the financial statements for all subsidiaries or entities that will be consolidated. These include income statements, balance sheets, and cash flow statements.
2. Review accounting policies: Familiarize yourself with the accounting policies and standards that are applicable to the consolidation process. This includes understanding the rules for recognizing and eliminating intercompany transactions.
3. Determine the reporting entity: Identify the reporting entity that will be preparing the consolidated financial statements. This is usually the parent company or the entity that has controlling interest in the subsidiaries.
4. Adjust subsidiary financial statements: Make any necessary adjustments to the subsidiary financial statements to ensure that they are consistent with the reporting entity's accounting policies. This may involve eliminating intercompany transactions, adjusting for differences in accounting principles, or incorporating any necessary fair value adjustments.
5. Consolidate financial statements: Combine the adjusted subsidiary financial statements with the reporting entity's financial statements. This involves adding the corresponding line items from each statement and eliminating any intercompany balances or transactions.
6. Calculate non-controlling interest: Determine the non-controlling interest, which represents the portion of the subsidiary's equity that is not owned by the reporting entity. This is typically calculated based on the non-controlling interest's share of the subsidiary's equity.
7. Prepare consolidated financial statements: Use the consolidated financial statements to prepare the final set of financial statements. These will include a consolidated income statement, balance sheet, statement of cash flows, and any accompanying notes or disclosures.

Who needs new FRSS for consolidated?

1. Companies with subsidiaries: Any company that owns one or more subsidiaries will need to prepare consolidated financial statements. This is required to provide a comprehensive view of the financial performance and position of the entire group.
2. Stakeholders and investors: Consolidated financial statements are important for stakeholders and investors as they provide a holistic view of the company's financial health. These statements show the overall performance and financial position of the group, including its subsidiaries.
3. Regulatory bodies and authorities: Regulatory bodies often require companies to prepare consolidated financial statements to ensure transparency and compliance with accounting standards. These statements are used for regulatory purposes, such as assessing the company's financial stability and adherence to reporting requirements.

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