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FINANCIAL STATEMENTS CONSOLIDATION PRACTICES

Since January 1, 2007, the new edition of the China Accounting Standards (“New CASs”) has been applied for almost 2 years. During this period, the advantages of the New CASs (incl. application of fair value, balance sheet perspectives, etc.) have been approbated by all parties. At the same time, the PRC Ministry of Finance ,as well as the State Administration of Taxation, has issued a series of explanations and clarifications regarding the application difficulties, hence improving the new CASs’ practicability.

The New CASs have been substantially convergent with the International Financial Reporting Standards (IFRSs), and the latter is also in the process of converging with the U.S. GAAP. As a result, it becomes urgent for those local private enterprises to understand the New CASs, whether they hope to get finance from local or overseas capital markets. And for China’s foreign invested enterprises, converting from the current “Enterprise Accounting Policies” to the New CASs will leverage them to reduce the workload of preparing different versions of financial statements as the New CASs have been very close with their parents’ accounting policies. Thus it is an inevitable choice to adopt the New CASs sooner or later.

In the previous course of “Comparative Analysis and Application of CASs”, we have had in-depth study of those commonly used standards including inventory, fixed asset, revenue and income tax, etc. We will, in this advanced course, systematically analyze and study the following more difficult and important accounting topics.



Training Objectives

Command of accounting for investment and combination transactions and based on the accounting application, make constructive proposals regarding the patterns of investment and combination businesses
Know the types and accounting for hedging
Understand the differences and accounting for changes of accounting policies, accounting estimates and errors

 

Training Attendees

Accounting, finance, tax, internal control and auditing managers or supervisors
CFOs, Financial controllers and other senior financial managements
 
 
       
Training Outline
 


CAS No.2 ──Long-term equity investments
 
  • Initial measurement of ordinary (non-combination type) long-term equity investment
  •  
  • How to measure the initial cost of long-term equity investment for business combination under the same control and business combination not under the same control
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  • Subsequent Measurement for long-term equity investment under cost method and equity method
  •  
  • Conversion between long-term equity investment accounting methods
  •  
  • Comparison and connection between the new and old CAS No. 2


  • CAS No. 20 ──Business Combinations
     
  • Types of business combinations(A+B=A,A+B=C,A+B=A+B)
  •  
  • Business combinations under the same control
  •  
  • Business combinations not under the same control
  •  
  • Comparison and connection between the new and old CAS No. 20


  • CAS No. 33 ──Consolidated financial statements
     
  • Under what circumstances should consolidated financial statements be drafted?
  •  
  • Consolidated balance sheet
  •  
  • Consolidated income statement
  •  
  • Consolidated cash flow statement
  •  
  • Consolidated statement of changes in the owner's equities
  •  
  • Comparison and connection between the new and old CAS No. 33


  • CAS No. 24──Hedging
     
  • What is Hedging?
  •  
  • Fair value hedging and cash flow hedging
  •  
  • Hedging instruments and hedged items
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  • Conditions to be satisfied for hedging accounting
  •  
  • Accounting treatment for fair value hedging and cash flow hedging
  •  
  • Comparison and connection between the new and old CAS No. 24


  • CAS No. 28──Changes in Accounting Policies and Estimates, and Correction of Errors
     
  • Distinguishing accounting policies, estimates and errors
  •  
  • Retrospective adjustment method
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  • Prospective application method
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  • Corrections of prior period errors


  • CAS No. 29──Events Occurring after the Balance Sheet Date
     
  • What is an event occurring after the balance sheet date?
  •  
  • Types of events occurring after the balance sheet date: adjusting event and non-adjusting event
  •  
  • Accounting treatment of events occurring after the balance sheet date
  •  
  • Comparison and connection between the new and old CAS No. 29
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    City
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    Price
    Shanghai
    2
    4800
     
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    RECENT TRAINING
    > 18/08/16-17 /¥4800 / Shanghai


     
     
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