Section 9 – Consolidated and Separate Financial Statements

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Section 9 – Introduction

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Section Downloads

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Section 9 – Consolidated and Separate Financial Statements

9.1 Scope

9.2 Requirement to present consolidated financial statements

9.2.1 Extract from FRS102: Section 9.2-9.3

9.2.2 OmniPro comment

9.2.2.1 No exception on the basis of activities being dissimilar or causing undue cost of effort

9.3 Definition of a subsidiary

9.3.1. Extract from FRS102: Section 9.4-9.6 and Section 9.8A

9.3.2.1 Definition of a parent

9.3.2.2 Definition of a subsidiary and control

9.3.2.2.1 Strategic, financial and operating decisions

9.3.2.2.2 Interpretation of benefits to be obtained as a result of power to control

9.3.2.2.3 Power to control even if not exercise

9.3.2.3 Potential voting rights

9.3.2.4 Less than 50% of share capital held but still have control

9.3.2.5 Greater than 50% of share capital owned but still not have control

9.3.2.6 Agreement entered into by a party with other shareholders

9.3.2.7 Shares held in bare trust

9.4 Subsidiaries excluded from consolidation

9.4.1 Extract from FRS102: Section 9.9-9.9B

9.4.2 OmniPro Comment

9.4.2.1 a) Long term restrictions

9.4.2.1.1 Accounting policy choice

9.4.2.2 b) Subsidiary held with a view to a subsequent sale

9.4.2.2.1 Accounting requirements

9.5 Special purpose entities

9.5.1 Extract from FRS102: Section 9.10-9.12

9.5.2 OmniPro comment

9.6 Consolidation procedures

9.6.1 Extract from FRS102: Section 9.13 – 9.14

9.6.2 OmniPro comment – The Subsidiary

9.6.2.1 Process of consolidation

9.6.2.3 Allocation to non-controlling interests where options are exercisable

9.7 Intragroup balances and transactions

9.7.1 Extract from FRS102: Section 9.15

9.7.2 OmniPro comment

9.7.2.1 Overview

9.7.2.2 Deferred tax

9.7.2.3 Eliminating intra group transactions 100% owned – not in inventory at year end

9.7.2.4 Eliminating intra group transactions 100% owned – in inventory at year end

9.7.2.5 Eliminating intra group transactions not 100% owned – not in inventory at year end

9.7.2.6 Eliminating intra group transactions not 100% owned – some in inventory at year end

9.7.2.7 Year-end intra-group balance

9.7.2.8 Intra-group balances – sale of fixed assets within a group

9.7.2.9 Transactions between subsidiaries not consolidated

9.7.2.10 Elimination of notional amounts on intercompany/group loans not at market rates

9.7.2.11 Elimination of Intergroup dividends

9.7.2.12 Restatement of investment property to PPE for group purposes

9.8 Uniform reporting date and reporting period

9.8.1 Extract from FRS102: Section 9.16

9.8.2 OmniPro comment

9.9 Uniform accounting policies

9.9.1 Extract from FRS102: Section 9.17

9.9.2 OmniPro comment

9.10 Acquisition and disposal of subsidiaries

9.10.1 Extract from FRS102: Section 9.18-9.19D

9.10.2 OmniPro comment

9.10.2.1 Overview

9.10.2.2 Accounting for an acquisition where control is achieved in one transaction

9.10.2.3 Accounting for an acquisition where control is achieved in stages

9.10.2.4 Acquisitions where controlling interest is increased

9.10.2.5 Disposals where controlling interest is still retained

9.10.2.6 Disposal of a subsidiary where control is lost fully

9.10.2.6.1 Control lost but less than controlling interest still held

9.10.2.6.2 Indicators that control is lost
(see further details of how control is attained and by definition how control could be lost at 9.3.2)

9.11 Non-controlling interest in subsidiaries

9.11.1 Extract from FRS102: Section 9.20-9.22

9.11.2 OmniPro comment

9.12 Transferring a business within a group

9.12.1 OmniPro comment

9.13 Intermediate payment arrangements

9.13.1 Extract from FRS102: Section 9.33-9.38

9.13.2 OmniPro comment

9.14 Individual and separate financial statements

9.14.1 Extract from FRS102: Section 9.23A-9.26A

9.14.2 OmniPro comment

9.14.2.1 Overview and accounting policy choices

9.14.2.2 Fair Value through Profit and Loss Account

9.14.2.3 Fair Value through Other Comprehensive IncomeExample 18B: Adoption of fair value through other comprehensive income on transition

9.15 Disclosures requirements

9.15.1 Disclosures in consolidated financial statements

9.15.1.1 Extract from FRS102: Section 9.23

9.15.1.2 OmniPro comment

9.15.1.2.1 Accounting Policies

9.15.1.2.1.1 Basis of consolidation

9.15.1.2.1.2 Subsidiary undertakings

9.15.1.2.1.3 Associates and joint ventures

9.15.1.2.1.4 Transactions eliminated on consolidation

9.15.1.2.1.5 Business combinations and goodwill

9.15.1.2.1.6 Goodwill

9.15.1.2.1.7 Impairment

9.15.1.2.1.8 Intangible assets

9.15.1.2.1.9 Contingent acquisition consideration

9.15.1.2.2 Notes to the Financial Statements

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Section 9 Consolidated and Separate Financial Statements Quick Guide (PDF) (123 downloads )

Summary

Section 9 deals with the requirement to present consolidated financial statements, the consolidation procedures to be performed, accounting for acquisitions and disposals in a group and the presentation of non-controlling interests.

What is new?
When a parent entity increases/decreases its interest in a subsidiary with no change in control, this is accounted for as an equity transaction with no goodwill recognised or profit or loss on disposal recognised.

Under old GAAP, for increases, assets and liabilities were revalued to fair value and goodwill arising on the increase is calculated by reference to those values. For decreases the profit or loss was recognised in the profit and loss account. This is a significant change.

A subsidiary can be excluded from consolidation on the grounds that it is held as part of an investment portfolio with a view to sale and it has not been consolidated previously. If it is excluded it should be fair valued with movements recognised in profit and loss (Section 9.9B). Under old GAAP such exclusion was not permitted and therefore had to be consolidated. This will result in the possibility of more entities being excluded from consolidation. However, if this is the case fair value movement will need to be posted to the profit and loss.

Section 9 does not mandate a provision to be made for the non–controlling interest where subsidiaries are in a net liability position and there is no legal obligation to provide non recoverable funding to rectify this. Under old GAAP (FRS 2) this was required regardless of there being a legal agreement in place or not.

Under old GAAP investment in subsidiaries, associates and joint ventures in the individual financial statements could only be carried at cost less impairment with some exceptions which allowed entities to carry these at revalued amounts through the STRGL/revaluation reserve. However under FRS 102, these is a choice to either carry these at cost less impairment, fair value through profit and loss or fair value through OCI where fair value can be measured reliably. Where investments in subsidiaries are recognised at fair value in the individual financial statements on transition to FRS 102, deferred tax will need to be recognised/considered on transition as well as an adjustment to reflect the investment at its fair value. The deferred tax rate to be used depends on the tax rate that will be payable on settlement.

What is different?

Section 9 uses the term ‘non-controlling interest’ instead of the term ‘minority interest’ however they have the same meaning.

Section 9 specifies the non-controlling interest should be presented within equity whereas this was not a specific requirement under old GAAP. In addition FRS 102 requires that the profit and loss on items posted to other comprehensive income be separated and shown

separately to that which is apportioned to the non-controlling interest and that apportioned to the parent. Under old GAAP there was no requirement for this.

Other standards affecting Section 9 where differences arise:

Section 35 – Transition to FRS 102 – Section 35.9 mandates that where an entity which has previously recognised goodwill (prior to the date of transition) on increases in ownership, which did not result in a change of control to continue carrying that asset as per old GAAP until it is sold. The same is the case for a decrease in an interest where there was no change in control.

Section 35.10(r) provides a choice to subsidiaries, associates, joint ventures who adopt FRS 102 later than its group to measure its assets and liabilities at either:

In effect the subsidiaries etc can choose to apply the choices taken by the parent in the consolidated financial statements and roll these forward to the date of transition for the subsidiary.

Consolidated financial statements on the other hand where the subsidiary has not been transitioned to FRS 102 before that date need to determine what the subsidiary results would be under FRS 102 when preparing its first set of FRS 102 financial statements, there are no exemptions.

Section 29 – Deferred tax should be recognised/considered on any fair value adjustments recognised where an entity has chosen to fair value investments in either subsidiaries, associates and joint ventures in the individual financial statements.

What are the key points?

Consolidated financial statements are not required to be prepared:

A subsidiary is an entity controlled by the parent. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities (Section 9.4). Control is presumed to exist where the parent owns, directly or indirectly, more than 50% of an entity’s voting rights or where less than 50% is owned but they have legal rights to control the majority of voting power to include the ability to appoint or remove directors.

Exclusion of subsidiaries is allowed on the grounds of severe long term restrictions or it is held exclusively with a view to sale whether that be as part of an investment portfolio or not (if held as part of an investment portfolio, it is then measured at fair value with changes recognised in the profit and loss, other than this one exception, the choices are the same as the choices available in the individual set of financial statements i.e. at cost less impairment, FVTPL or fair value through other comprehensive income).

The consolidation process is set out as follows:

Cumulative exchange gains/losses on disposal of a foreign operation are not recycled to the profit and loss.

On disposal of control, the carrying amount should be the value of net assets and goodwill of the retained investment.

Profit and loss on disposal is the difference at the date of disposal between the carrying amount just prior to the disposal and the net assets plus goodwill after the disposal, together with any proceeds received.

When a parent acquires a subsidiary in stages, a fair value exercise (and goodwill calculation) is performed at the point when control is achieved, as set out in section 19.

In the individual financial statements investments in subsidiaries, associates and joint ventures can be carried at either:

An entity should apply the accounting policy chosen consistently for all investments of the same type i.e. an entity may apply fair value to associates but not to joint ventures and subsidiaries etc.

What do accountants need to do?

Be aware of the differences between Section 9 and old GAAP.

Review their client portfolio to identify group companies and assess as a result of the new requirements whether any subsidiaries can fall out from consolidation and advise client  accordingly.

For the group companies identified, assess if any of these group companies have made acquisitions or disposals of subsidiaries while still maintaining control since the date of transition to assess whether a transition adjustment is required to show the movements as an equity transaction.

Advise clients on the ability of entities to fair value investments in subsidiaries, associates or joint ventures where they can be reliably measured and the associated deferred tax impact of this.

What do companies need to do?

Be aware of the differences between Section 9 and old GAAP.

For group companies, assess the acquisitions or disposals since the date of transition to see if control changed and if control did not change, determine the transition adjustment to be made.

Be aware of the possibility of some subsidiaries which are held as part of an investment portfolio being excluded from consolidation.

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Examples

Example 1: Exercise of dominant influence 

Example 2: Potential voting rights 

Example 3: Ability to control composition of the board 

Example 4: Bare trust 

Example 5: Process of consolidation 

Example 6: Eliminating intra group transactions 100% owned – not in inventory at year end 

Example 7: Eliminating intra group transactions 100% owned – in inventory at year end 

Example 8: Eliminating intra group transactions not 100% owned – not in inventory at year end 

Example 9: Eliminating intra group transactions not 100% owned – some in inventory at year end

Example 10: Year-end intra-group balances

Example 11A: elimination of notional amounts on inter-company loans not at market rates 

Example 11B: elimination of intergroup dividends 

Example 11C: Restatement of investment property to property, plant and equipment 

Example 12: Uniform year end 

Example 13: Uniform accounting policies

Example 14: Business combination achieved in stages 

Example 15: Acquiring a further controlling interest 

Example 16A: Acquiring a further controlling interest but 100% interest still not attained 

Example 17: Disposing of controlling interest but controlling interest retained 

Example 18: Disposal of a subsidiary where control is lost

Example 19 – Extract from the Accounting policy notes in the consolidated financial statements (excluding negative goodwill) 

Example 20 – Extract from notes to the financial statements – Business combination and financial asset note in the consolidated financial statements 

Example 21 – Extract from notes to the financial statements – contingent consideration note..

Example 22: Extract from the consolidated profit and loss account showing split between controlling and non-controlling interest

Example 23: Extract from the Changes in Equity showing the movement on the cash flow hedge reserve in line with Section 9 and Section 12 disclosure requirements 

Example 24 – Extract from the consolidated Balance Sheet for negative goodwill and also showing non-controlling interest 

Example 25 : Extract from accounting policy notes to the financial statements for the parent entity financial statements and for an entity that holds a subsidiary, associate or joint venture interest but is not required to prepare consolidated financial statements 

Example 26 – Extract from notes to the financial statements for the for an entity that holds intangibles/goodwill 

Example 27 – Extract from notes to the financial statements for the for an entity that holds an associate/subsidiary/joint venture/other interest but is not required to prepare consolidated financial statements – Financial asset note 

Example 28 – Extract from the notes in the consolidated financial statements – negative goodwill 

Example 29: Profit and loss account 

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Section 9 - Transition Adjustments (6 downloads )

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Section 9 Consolidated and Separate Financial Statements Detailed Guide (PDF) (222 downloads )

 

 

Section 9 Home Page

Introduction and the Requirements

Subsidiaries – Definition, Voting and Consolidation

The Consolidation Process and Intra Group Balances & Transactions

Individual & Separate Financial Statements

Transition

Disclosure Requirements

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Downloads 


FRS 102 35 Part Differences Quick Guide (859 downloads )


FRS 102 35 Part Differences Guide (581 downloads )


FRS 102 Differences on Transition Checklist (1119 downloads )


FRS 102 Differences on Transition Examples Appendix (1092 downloads )


Fillable Differences on Transition Checklist (866 downloads )

Website Links

Difference Guide – Consolidated and Separate Financial Statements

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Downloads 


Section 9 Disclosure Examples (80 downloads )

 


FRS 102 Disclosure Checklist (PDF) (745 downloads )

Website Links

Disclosure Checklist

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