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Book details
ISBN: 9780071312912 / 0071312919
Division: Higher Education
Pub Date: AUG-10
Pages: 592

Copyright: 2011
Edition: 2
Format: Paperback
Consolidated Financial Statement

Eng Juan Ng


About the book

Consolidated Financial Statements (Singapore) is a comprehensive guide to the preparation of consolidated financial statements in Singapore. It discusses consolidated financial statements in the context of the Singapore statutes and the Financial Reporting Standards (FRS) issued by the Accounting Standards Council that are effective as at 1 July 2009. In this second edition, the book has been updated for the new requirements of two new FRS, namely FRS 27 (2009) Consolidated and Separate Financial Statements and FRS 103 (2009) Business Combinations. The chapter arrangement in this second edition is the same as that in the first edition, except for the inclusion of the sections on Joint Ventures in Chapters 6 and 7.

This book is written based on many years of teaching, research and practical experience. It adopts a professional approach and is presented in a step-by-step, easy-to-understand style. It contains more than 80 illustrative examples and numerous problems for self-study

Topics Covered

  • Consolidated balance sheets (also referred to as consolidated statements of financial position), consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows
  • Changes in shareholding interests
  • Complex group structure
  • Investment in associates
  • Investment in joint ventures
  • Foreign subsidiaries, associates and joint ventures
  • Consolidation theory
  • Merger accounting

About the author

Eng Juan Ng
New Page 1

Prof Ng Eng Juan is an Associate Professor in the Nanyang Business School of Nanyang Technological University. He teaches financial accounting in MBA and B Acc programmes, and has won several teaching awards over the years. Prof Ng is also actively involved in the accounting profession, serving as external examiner/advisor to accounting professional/degree programmes and conducting regular professional development programmes. Prof Ng has authored several highly-regarded professional accounting books including Consolidated Accounts (Singapore), Singapore GAAP, and A Practical Guide to Financial Reporting Standards (Singapore).

Table of contents

Preface to the Second Edition
Preface to the First Edition
About the Author
Table of Statutes, Accounting Institutions and Accounting Standards

Chapter 1 Introduction
1.1 What Are Consolidated Financial Statements'
1.2 Who Has to Present Consolidated Financial Statements'
1.3 Consolidation Procedures
1.4 Usefulness and Limitations of Consolidated Financial Statements
1.5 Approaches Adopted in This Book

Chapter 2 Consolidation at the Date of Acquisition
2.1 Introduction
2.2 Combination of Accounts
2.3 Fair Value Adjustments
2.4 Goodwill on Consolidation
2.5 Non-controlling Interest
2.6 Summary
Problems for Self-study 46

Chapter 3 Consolidation Subsequent to the Date of Acquisition
3.1 Introduction
3.2 Consolidated Statement of Comprehensive Income 5
3.3 Pre-acquisition and Post-acquisition Reserves
3.4 Intragroup Account Balances
3.5 Unrealized Intragroup Profits and Losses
3.6 Intragroup Dividend
3.7 Other Consolidation Adjustments
3.8 New Rules for Non-Controlling Interest
3.9 Summary
Problems for Self-study

Chapter 4 Changes in Shareholding Interest and Other Specific Issues
4.1 Introduction
4.2 Changes in Shareholding Interest
4.3 Other Specific Issues
4.4 Summary
Problems for Self-study

Chapter 5 Complex Group Structure
5.1 Introduction
5.2 Father-son-grandson Structure
5.3 Connecting Affiliation Structure
5.4 Cross Holdings
5.5 Summary
Problems for Self-study

Chapter 6 Associates and Joint Ventures
6.1 Introduction
6.2 Associate: Definition
6.3 Equity Accounting: Basic Principles
6.4 Difference between Cost and Underlying Net Assets
6.5 Transactions between Parent and Associate
6.6 Impairment Loss
6.7 Changes in Shareholding Interest
6.8 Indirect Shareholding
6.9 Joint Ventures
6.10 Summary
Problems for Self-study

Chapter 7 Foreign Subsidiaries, Associates and Joint Ventures
7.1 Introduction
7.2 Translation Process
7.3 Foreign Subsidiary
7.4 Foreign Associate
7.5 Foreign Joint Ventures
7.6 Summary
Problems for Self-study

Chapter 8 Consolidated Statement of Cash Flows
8.1 Introduction
8.2 Non-controlling interest
8.3 Associates
8.4 Acquisition of Subsidiary
8.5 Disposal of Subsidiary
8.6 Foreign Subsidiary and Associate
8.7 A Comprehensive Illustration
8.8 Summary
Appendix 8A: Statement of Cash Flows
Problems for Self-study

Chapter 9 Consolidated Statement of Changes in Equity
9.1 Introduction
9.2 Requirements of FRS 1
9.3 Consolidation Issues
9.4 Summary
Problems for Self-study

Chapter 10 Further Issues
10.1 Introduction
10.2 Consolidation Theories
10.3 Pooling of Interests (Merger) Method
10.4 Summary




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