Learning Outcomes:
Upon completion of this module, students will have a deep understanding of, and an advanced proficiency in the techniques underlying the preparation of consolidated financial statements. They will be able to prepare the consolidated statement of profit or loss and other comprehensive income, consolidated statement of financial position (balance sheet), retained earnings column of the consolidated statement of changes in equity, and consolidated statement of cash flows for groups of companies with complex structures, incomplete or incorrect records, changing group structures and composition, and other variable factors. Students will also appreciate, without an in-depth knowledge, the regulatory framework within which group accounts are presented to stakeholders. Moreover, they will be able to articulate the strengths, limitations and appropriate circumstances for using cost or fair value, acquisition or equity accounting approaches for financial investments.