DFS Consolidated statements

mariamcd020

Hello everyone!

For those of you who havent pulled all your hair out advice uberly needed!

Really struggling with finding an 'easy' (if it exists!) method for consolidated statements, going from notes from my tutor I can't seem to calculate goodwill correctly and thus getting very angry with myself!

If anyone has tips on how to systematically go through I would really appriciate it.

THANKS!

Maria xx

A-Vic

Hi try this thread found it invaluble when i was studying this unit :-

http://forums.aat.org.uk/showthread.php?t=27883&highlight=consolidated&page=2

Lilyflower

My tutor gave us a good acronym to help remember all the working behind the consolidated financial position (balance sheet for ease!)

No truth behind this statement it just fits the acronym...

Group Sex Nearly Always Gives Nioami Campbell Intsant Relief - GS NA G NCI R

Workings:
w1 Group Structure (GS)
Parent control % (P%)
non control interest % (NCI%)
w2 Net Assets (sub) (NA)
@Statement date @Aquisition Post Aquisition

List from Equity Section
|
| _________ _________ ___________

Answers go to w4 w3 w5

w3 Goodwill (G)

Cost of investment
less: w2 answer x P%
ANSWER
less: impairment (ANSWER x impairment %) - this figure to w5*
GOODWILL ANSWER TO Consolidated statement

w4 Non-Controlling Interest (NCI)
w2 answer x NCI% - take ANSWER TO CONSOLIDATION

w5 Retained earnings (R)
P's 100% Retained earnings
add: w2 answer x P%
less: goodwill impairment w3 (*)
RETAINED EARNINGS TO CONSOLIDATION

I get the right answer every time with this

Marga

Hi i am studying DFS also and find consolidating very straight forward if you follow the steps

Layout first of all the Stament template with all the different elements (even if you dont have them!) it is better to rubber off something than missing it out!

then work your way down the list following Steve's steps from the link here