合并报表会计-合并各方间交易

1,Consolidation2,2,Theneedforadjustments,AASB127:2typesofadjustmentsareneeded:(i)thesubstitutioneliminationentry(eliminating“SharesinSLtd”)(ii)entriesthateliminatetheeffectsofinter-entitytransactionssuchas-inter-entityservices,saleofinventoryanddepreciableassetsinter-entityborrowingsinter-entitydividends,3,Theneedforadjustments,Thepurposeofconsolidatefinancialstatementsistoprovideinformationofdealingswithexternalpartiesonly.Hencetheeffectsofthetransactionswithinthegroupmustbeadjusted.AASB127para24“Intragroupbalances,transactions,incomeandexpensesshallbeeliminated.”,4,Theneedforadjustments,AASB127para26Thefinancialstatementsoftheparentanditssubsidiariesshallbepreparedasofthesamereportingdate.Whendifferentthesubsidiarymustprepareadditionalfinancialstatementsasofthesamedateastheparent.,5,Theneedforadjustments,Anyprofitsmadeoninter-entitytransactionsmustbeeliminatedbecause,fromagroupviewpoint,theyareunrealisedprofits.Eachgroupassetmustbeshownatitscosttothegroup(whichmaybedifferenttothecostrecordedbytheentitywithinthegroupthatcurrentlyownstheasset).,6,Theneedforadjustments,EachgroupliabilitymustrepresentanobligationtoanentityoutsidethegroupWemayhavetoadjustfortheeffectsofpriorperiodtransactionsaswellascurrentperiodtransactions.Thisisbecauseconsolidationadjustmententriesareappliedinaworksheetonlyandnotintheaccountsofeithertheparentoranyofitssubsidiaries.,7,Theneedforadjustments,Whenitemsofstockaresoldwithinthegroup(e.g.PtoS,orStoP)anyprofitmadeonthesalemustbeeliminated.Theunrealisedprofitsontheseinternalsaleswilldistortstocklevelsindollarterms.Wewilleliminatetheseunrealisedprofitsbymeansofadjustmentstoopeningandclosingstockamounts.,8,Theneedforadjustments,Unrealisedprofitsoninternalsalesbecomerealisedgroupprofitsifandwhentheitemthatwassoldinternallypassestoabuyeroutsidethegroup.Whenthisoccursthegroupwillrecordsalesrevenueandthecosttothegroupofwhatwassold(COGS).,9,Example:PsoldanitemofstocktoSfor$100cash.Assumethatthissalewasatcost,sonoprofitwasrecognisedbyP.InthebooksofP:DrBank100CrSales*100InthebooksofS:DrPurchases*100CrBank100*Groupeffect,Inventoryadjustments,10,Inventoryadjustments,Thefinaleffectofthissalefromagroupviewpointis:DrPurchases100CrSales100Toreversethiseffectandsoavoidoverstatinggroupsalesandpurchases:DrSales100CrPurchases100Thisentryhasnoeffectongroupprofit.,11,Inventoryadjustments,Howisgrossprofitcalculated?ToreduceCrSALESREVENUEDrprofitDr-COGSCrprofit=GROSSPROFIT,12,Inventoryadjustments,Howiscostofgoodssoldcalculated?ToreduceDropeningstockCrDr+purchasesCrCr-closingstockDrDr=costofgoodssoldCrReducingopeningstockincreasesprofitReducingclosingstockreducesprofit,13,Inventoryadjustments,Adjustmententriesmayaffectassetandliabilitybalancese.g.transferofinventoryataprofit.Wherecarryingamountsdifferfromtaxbase,tax-effectmustbeconsidered.Thelegalentitysrecordsconsiderthedifferencesbetweenthetaxbaseandthecarryingamountinthelegalentity.Onconsolidation,itisthechangeinthecarryingamountthataffectthisrelationshipandrequiresadjustment.,14,Inventoryadjustments,Example:IfSubLtdcarriesanassetat$100andthetaxbaseoftheassetis$80,SubLtdwillraiseadeferredtaxliabilityof30%x$20.Ifonconsolidationanadjustmentismadetoreducetheassetto$90,thecarryingamounttotheeconomicentity,thedeferredtaxliabilitymustbereducedby30%x$10.Combiningthelegalentitiesrecordsandtheconsolidationadjustmentresultsintheeconomicentityspositionbeingshownintheconsolidatedfinancialstatements.,15,Inventoryadjustments,At1/7/00,ParentLtdsellsinventorytoSubLtdfor$1000ataprofitbeforetaxof$200.Taxrateis30%.Allinventoryisunsoldat30/6/01.RECORDEDPOSITIONParentLtd:SubLtd:Salesof$1000Inventoryat$1000Costofsalesof$800Profitof$200Incometaxexpenseof$60,16,Inventoryadjustments,ECONOMICENTITYPOSITIONNosalestoexternalpartiesNocostofsalestoexternalpartiesNoprofitonsaleofinventorytoexternalpartiesCostofinventoryat30/6/01is$800,17,Inventoryadjustments,CONSOLIDATIONWORKSHEETADJUSTMENTSalesDr1000CostofSalesCr800InventoryCr200DeferredTaxAssetDr60IncomeTaxExpenseCr60*Carryingamountofinventoryisreducedfrom$1000to$800.CATBby$200.(DTAof$200 x0.3),18,Inventoryadjustments,AssumeallthetransferredinventoryissoldbySubLtdexternallyfor$1200by30/6/01.RECORDEDPOSITIONParentSubTotalSales100012002200Costofsales80010001800Profit200200400Taxexpense6060120,19,Inventoryadjustments,ECONOMICENTITYPOSITIONSalesof$1200toexternalpartyCostofsalesof$800fromexternalpartyProfitof$400Taxexpenseof$120CONSOLIDATIONWORKSHEETADJUSTMENTSalesDr1000CostofSalesCr1000,20,Inventoryadjustments,Assumeat30/6/01thatSLtdhassold75%oftheinventoryexternallyfor$900.Thatisthereisendinginventorycontainingunrealisedprofitof$50i.e.25%x$200.RECORDEDPOSITIONParentSubTotalSales$1000$900$1900Costofsales8007501550Inventory-250250,21,Inventoryadjustments,ECONOMICENTITYPOSITIONSales$900Costofsales600i.e.75%x$800Inventory200i.e.25%x$800CONSOLIDATIONWORKSHEETADJUSTMENTSalesDr1000CostofSalesCr950Inventory*Cr50*Note:thisis25%xprofitof$200.Netresultistodecreasegroupprofitby$50.,22,Inventoryadjustments,Asinventoryisbeingreducedby$50,atax-effectentryisrequiredasCATBby$50:DeferredTaxAssetDr15IncomeTaxExpenseCr15Thedeferredtaxassetisreversedwhentheinventoryissoldexternally.,23,Inventoryadjustments,At1/7/01,inventorycontainingunrealisedprofitof$50remainsonhand.Intheconsolidationworksheetfor2001-02:RetainedProfits(1/7/01)Dr35IncomeTaxExpense*Dr15CostofSales*Cr50SLtdrecordscostofsalesof$250,theeconomicentitywouldrecord$200.Resultisthatthisyearsgroupprofitwillincreaseby$50beforetax.,24,Depreciableassets,On1/7/00,ParentLtdsellsplanttoSubLtdfor$1000.IthadacarryingamountinParentLtdof$800.Depreciationis10%p.a.RECORDEDPOSITIONSaleofassetParentSubRevenue$1000Plant$1000Carryingamountofassetsold$800Incometaxexpense60,25,Depreciableassets,ECONOMICENTITYPOSITIONNosalePlantheldatcostof$800CONSOLIDATIONWORKSHEETADJUSTMENTRevenueProceedsDr1000CarryingAmountofPlantSoldCr800PlantCr200,26,Depreciableassets,Ascarryingamountofassethasbeenreducedonconsolidationby$200,thenCATBorviewitasgroupprofitdecreasingby$200:DeferredTaxAssetDr60IncomeTaxExpenseCr60REALISATIONOFPROFITNoexternalpartyinvolvedProfitisrealisedasassetisconsumedmeasuredbyreferencetodepreciation,27,Depreciableassets,Depreciation:SubLtddepreciatesplantat10%p.a.oncostof$1000i.e.$100Theeconomicentitychargesdepreciationat10%p.a.oncostof$800i.e$80CONSOLIDATIONWORKSHEETADJUSTMENTAccumulatedDepreciationDr20DepreciationExpenseCr20IncomeTaxExpenseDr6DeferredTaxAssetCr6,28,Depreciableassets,SUBSEQUENTPERIODS-ASASSETREMAINSONHANDCONSOLIDATIONWORKSHEETADJUSTMENTSALEOFASSETRetainedProfits(1/7/01)Dr140DeferredTaxAssetDr60PlantCr200Profitisstillconsideredtobeunrealised,29,Depreciableassets,AccumulatedDepreciationDr40DepreciationExpenseCr20RetainedProfits(1/7/01)Cr20IncomeTaxExpenseDr6RetainedProfits(1/7/01)Dr6DeferredTaxAssetCr12,30,Intragroupservices,SomeexamplesofservicesbetweenrelatedentitiesincludeLendingofspecialistpersonnelforlimitedperiodsoftimeOneentitymayleaseorrentanitemofplantorwarehousefromtheotherAsubsidiarymayexistsolelyforthepurposeofcarryingoutsomespecifictask,31,Intragroupservices,SLtdpaid$30,000toPLtdfortheservicesofaspecialistemployeeInPLtdCashDr30,000ServiceRevenueCr30,000InSLtdServiceExpenseDr30,000CashCr30,000ConsolidationadjustmententryServicesRevenueDr30,000ServicesExpenseCr30,000,32,IntragroupBorrowing,RECORDEDPOSITIONParentLtdLoantoSLtd(asset)$1000Interestrevenue70SubsidiaryLtdLoanfromPLtd(liability)$1000Interestexpense70,33,IntragroupBorrowing,ECONOMICENTITYPOSITIONNoloanasset,noloanliability,norevenue,noexpensebecausenoexternalpartywasinvolvedCONSOLIDATIONWORKSHEETADJUSTMENTSDrLoanfromPLtd1000CrLoantoSLtd1000DrInterestrevenue70CrInterestexpense70Notaxeffect,34,Intragroupdividendsfrompostacquisitionprofits,Fromagroupviewpointinternaldividendsaresimplytransfersofcashfromonepartofthegrouptoanother.“Post-acquisition”dividendsarethosepaidfrom