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This course explains the consolidation process step-by-step, including a subsidiary's acquisition transaction, recognition of goodwill or the bargain purchase gain, the technical aspects of consolidating the financial position and profit & loss statement including elimination conditions and the recognition of Non-controlling Interest (NCI).

This course depends on a case study that simplifies the theory behind the following standards: - ASC 805 Business Combinations, ASC 810 Consolidation, IFRS 3 Business Combination, and IFRS 10 Consolidated Financial Statements.

Course Key Concepts: ASC 805, ASC 810, IFRS 3, IFRS 10, Business Combinations, Consolidation, Consolidated Financial Statements, Goodwill, elimination, non-controlling interest, NCI

Learning Objectives

  • Identify the subsidiary's acquisition transaction, and the subsidiary's net assets fair value.
  • Recognize the purchase consideration, goodwill, and the gain from a bargain purchase.
  • Explore the technical accepts of consolidating the financial statements of a subsidiary entity, including the elimination conditions, intra-entity transactions, and non-controlling interest recognition.
Last updated/reviewed: November 18, 2019

5 Reviews (31 ratings)Reviews

5
Member's Profile
I enjoyed having some good examples to help bridge the gap between knowing that intercompany transactions need to be eliminated in consolidation and understanding how these eliminations are accomplished through the use of JEs
4
Anonymous Author
Overall the course did a good job providing basic concepts of the consolidation between IFRS and GAAP. The video was a little hard to understand, but was able to push through and obtain and satisify the course objectives
4
Anonymous Author
The detailed analysis by the means of journal entry examples and other detailed transaction level examples helps to understand the core concepts of the topic.
4
Member's Profile
This was a very good refresher course.. replete with easy to follow examples
4
Member's Profile
good reference tool and reminder. very detailed but digestible.

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  1:46Introductio to Preparing consolidated financial statements under ASC 805, ASC 810, IFRS 3 and IFRS 10
  10:46Consolidation Criteria
  11:36Acquisition Transaction & Goodwill Calculation Method Part 1
  14:42Acquisition Transaction & Goodwill Calculation Method Part 2
  17:13Consolidation Techniques & Procedures Part 1
  14:14Consolidation Techniques & Procedures Part 2
  8:57Intra-Entity Transactions & Conclusion
CONTINUOUS PLAY
  1:19:14Preparing consolidated financial statements under ASC 805, ASC 810, IFRS 3 and IFRS 10 Full Video
SUPPORTING MATERIALS
  PDFSlides: Preparing Consolidated Financial Statements under ASC 805, ASC 810, IFRS 3 and IFRS 10
  PDFPreparing Consolidated Financial Statements under ASC 805, ASC 810, IFRS 3 and IFRS 10 Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM