合并报表会计-合并各方间交易

1Consolidation22TheneedforadjustmentsAASB127:2typesofadjustmentsareneeded:(i)thesubstitutioneliminationentry(eliminating“SharesinSLtd”)(ii)entriesthateliminatetheeffectsofinter-entitytransactionssuchas-inter-entityservices,saleofinventoryanddepreciableassetsinter-entityborrowingsinter-entitydividends3TheneedforadjustmentsThepurposeofconsolidatefinancialstatementsistoprovideinformationofdealingswithexternalpartiesonly.Hencetheeffectsofthetransactionswithinthegroupmustbeadjusted.AASB127para24“Intragroupbalances,transactions,incomeandexpensesshallbeeliminated.”4TheneedforadjustmentsAASB127para26Thefinancialstatementsoftheparentanditssubsidiariesshallbepreparedasofthesamereportingdate.Whendifferentthesubsidiarymustprepareadditionalfinancialstatementsasofthesamedateastheparent.5TheneedforadjustmentsAnyprofitsmadeoninter-entitytransactionsmustbeeliminatedbecause,fromagroupviewpoint,theyareunrealisedprofits.Eachgroupassetmustbeshownatitscosttothegroup(whichmaybedifferenttothecostrecordedbytheentitywithinthegroupthatcurrentlyownstheasset).6TheneedforadjustmentsEachgroupliabilitymustrepresentanobligationtoanentityoutsidethegroupWemayhavetoadjustfortheeffectsofpriorperiodtransactionsaswellascurrentperiodtransactions.Thisisbecauseconsolidationadjustmententriesareappliedinaworksheetonlyandnotintheaccountsofeithertheparentoranyofitssubsidiaries.7TheneedforadjustmentsWhenitemsofstockaresoldwithinthegroup(e.g.PtoS,orStoP)anyprofitmadeonthesalemustbeeliminated.Theunrealisedprofitsontheseinternalsaleswilldistortstocklevelsindollarterms.Wewilleliminatetheseunrealisedprofitsbymeansofadjustmentstoopeningandclosingstockamounts.8TheneedforadjustmentsUnrealisedprofitsoninternalsalesbecomerealisedgroupprofitsifandwhentheitemthatwassoldinternallypassestoabuyeroutsidethegroup.Whenthisoccursthegroupwillrecordsalesrevenueandthecosttothegroupofwhatwassold(COGS).9Example:PsoldanitemofstocktoSfor$100cash.Assumethatthissalewasatcost,sonoprofitwasrecognisedbyP.InthebooksofP:DrBank100CrSales*100InthebooksofS:DrPurchases*100CrBank100*GroupeffectInventoryadjustments10InventoryadjustmentsThefinaleffectofthissalefromagroupviewpointis:DrPurchases100CrSales100Toreversethiseffectandsoavoidoverstatinggroupsalesandpurchases:DrSales100CrPurchases100Thisentryhasnoeffectongroupprofit.11InventoryadjustmentsHowisgrossprofitcalculated?ToreduceCrSALESREVENUEDrprofitDr-COGSCrprofit=GROSSPROFIT12InventoryadjustmentsHowiscostofgoodssoldcalculated?ToreduceDropeningstockCrDr+purchasesCrCr-closingstockDrDr=costofgoodssoldCrReducingopeningstockincreasesprofitReducingclosingstockreducesprofit13InventoryadjustmentsAdjustmententriesmayaffectassetandliabilitybalancese.g.transferofinventoryataprofit.Wherecarryingamountsdifferfromtaxbase,tax-effectmustbeconsidered.Thelegalentity’srecordsconsiderthedifferencesbetweenthetaxbaseandthecarryingamountinthelegalentity.Onconsolidation,itisthechangeinthecarryingamountthataffectthisrelationshipandrequiresadjustment.14InventoryadjustmentsExample:IfSubLtdcarriesanassetat$100andthetaxbaseoftheassetis$80,SubLtdwillraiseadeferredtaxliabilityof30%x$20.Ifonconsolidationanadjustmentismadetoreducetheassetto$90,thecarryingamounttotheeconomicentity,thedeferredtaxliabilitymustbereducedby30%x$10.Combiningthelegalentities’recordsandtheconsolidationadjustmentresultsintheeconomicentity’spositionbeingshownintheconsolidatedfinancialstatements.15InventoryadjustmentsAt1/7/00,ParentLtdsellsinventorytoSubLtdfor$1000ataprofitbeforetaxof$200.Taxrateis30%.Allinventoryisunsoldat30/6/01.RECORDEDPOSITIONParentLtd:SubLtd:Salesof$1000Inventoryat$1000Costofsalesof$800Profitof$200Incometaxexpenseof$6016InventoryadjustmentsECONOMICENTITYPOSITIONNosalestoexternalpartiesNocostofsalestoexternalpartiesNoprofitonsaleofinventorytoexternalpartiesCostofinventoryat30/6/01is$80017InventoryadjustmentsCONSOLIDATIONWORKSHEETADJUSTMENTSalesDr1000CostofSalesCr800InventoryCr200DeferredTaxAssetDr60IncomeTaxExpenseCr60*Carryingamountofinventoryisreducedfrom$1000to$800.CATBby$200.(DTAof$200x0.3)18InventoryadjustmentsAssumeallthetransferredinventoryissoldbySubLtdexternallyfor$1200by30/6/01.RECORDEDPOSITIONParentSubTotalSales100012002200Costofsales80010001800Profit200200400Taxexpense606012019InventoryadjustmentsECONOMICENTITYPOSITIONSalesof$1200–toexternalpartyCostofsalesof$800–fromexternalpartyProfitof$400Taxexpenseof$120CONSOLIDATIONWORKSHEETADJUSTMENTSalesDr1000CostofSalesCr100020InventoryadjustmentsAssumeat30/6/01thatSLtdhassold75%oftheinventoryexternallyfor$900.Thatisthereisendinginventorycontainingunrealisedprofitof$50i.e.25%x$200.RECORDEDPOSITIONParentSubTotalSales$1000$900$1900Costofsales8007501550Inventory-25025021InventoryadjustmentsECONOMICENTITYPOSITIONSales$900Costofsales600i.e.75%x$800Inventory200i.e.25%x$800CONSOLIDATIONWORKSHEETADJUSTMENTSalesDr1000CostofSalesCr950Inventory*Cr50*Note:thisis25%xprofitof$200.Netresultistodecreasegroupprofitby$50.22InventoryadjustmentsAsinventoryisbeingreducedby$50,atax-effectentryisrequiredasCATBby$50:DeferredTaxAssetDr15