Prepare a consolidated statement of financial position for a group (parent and one subsidiaries), and adjust for different chart of accounts and the effects of intra­group trading and foreign currency transactions.

Key Modules Covered in the Course

Manipulate and consolidate data with Power Query

• Install and attach the Power Query add-in

• Reshape and unpivot data for Power Pivot analysis

• Send Power Query results to the data model

• Consolidate multiple excel work sheets within a single file

• Automate the consolidation of all text files within a folder

• Write a function to manipulate and consolidate Excel work books within a folder

Account for the effects of intra­group transaction

• Adjust for current accounts between parent company and subsidiaries

• Deal with cash/goods in transit

• Deal with inter-group loans held by one company

• Deal with Dividends and loan interest

• Adjust for unrealised profits on sales of inventory

• Adjust for unrealised profits on sales of non-­current assets

Consolidate foreign subsidiaries

• Deal with foreign currency transactions

• Understand difference of foreign currency monetary items and non-monetary items

• Compare spot rates with current rates and make appropriate adjustments

• Learn to use current rate method

• Learn to use temporal method

• Deal with Translation gains or losses

• Adjust for Transactions gains or losses

• Incorporate foreign companies (subsidiaries) into the consolidated financial statements

Prepare consolidated financial statements

• Deal with different chart accounts between head office and subsidiaries

• Deal with non­-controlling interests (at fair value or proportionate share of net assets)

• Apply the required accounting treatment of consolidated goodwill

• Adjust for impairment of goodwill

• Deal with consolidation of other reserves (e.g. share premium and revaluation)

• Account for the consolidation of other reserves