Tuesday 3rd March 2015
Duration: approx. 2 hours
The consolidations standard was applied for the first time for accounting periods ending in 2014 and much has been learned during the process of its adoption. The adoption of the de facto control test and the movement away from legal control has caused issues in practice.
This presentation will review the standard and discuss its operations in practice, highlighting contentious issues and grey areas in the process:
- The old test
- The new tests – what they mean in practice:
- control over decision making
- right to variable returns
- Problems which arise in practice:
- picking the moment to consolidate – when does control pass?
- difficulties when shareholder is between 30% and 50%
- context: the holdings of others – how that makes a difference
- control with mini-holdings - <30% - is it possible?
- will more than one entity need to consolidate the same “subsdiary”?
- consolidation of associated entities in the NFP area – foundations, scholarship and building funds
- client considerations in consolidation – why they do and don’t want to consolidate
- The voluminous nature of disclosures required
This webinar is suitable for accountants - Australia wide. This webinar is for practitioners with some knowledge in this area and looking to improve their knowledge.
PRESENTED BY: Keith Reilly, Financial Reporting Consultant and Lecturer, Macquarie University
Keith Reilly is a financial reporting consultant and covers accounting, auditing and ethical standards, as well as governance and regulatory issues. He has some 40 years’ experience in the financial reporting field, most recently (July 2013) being the National Head of Professional Standards at Grant Thornton Australia, and a member of Grant Thornton’s International Public Policy Group, Independence Working Group, and IFRS Committee.
Keith consults, writes and lectures extensively on financial reporting issues. He is a former member of the Australian Accounting Standards Board’s Urgent Issues Group and a member of the Accounting Professional and Ethical Standards Board’s Code of Ethics Taskforce.
Keith is a member of Macquarie University’s Department of Accounting and Corporate Governance’s Advisory Board, a part time lecturer in the Master of Accounting and Corporate Governance program, and in 2013/14 is an Industry Fellow (International Governance and Reporting).
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