chapter‚ we pointed out that a corporation can obtain a subsidiary either by establishing a new corporation (a parent-founded subsidiary) or by buying an existing corporation (through a business combination). We also demonstrated the preparation of consolidated financial statements for a parent-founded subsidiary. When a subsidiary is purchased in a business combination‚ the consolidation process becomes significantly more complicated. The purpose of this chapter is to explore the meaning and the
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Preparation of consolidated financial statements – adjustments and other issues Report to Ed Moore‚ CEO of Gourmet Products Inc. Prepared by Asif Majarani‚ Sr. Audit manager of Majarani Associates‚ CGAs Submitted October 31‚ 20X0 Summary Our firm has been engaged with GPI for compilation engagements for the past two years. For year ending September 30‚ 20X0‚ a preparation of consolidated financial statements are required due to acquisition of foreign subsidiary on August 15‚ 20X0. This report
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ANNUAL REPORT 2011 Year ended March 31‚ 2011 Shifting into High Gear Mitsubishi Motors Corporate Philosophy “We are committed to providing the utmost driving pleasure and safety for our valued customers and our community. On these commitments we will never compromise. This is the Mitsubishi Motors way.” Customer-centric approach Mitsubishi Motors will give the highest priority to satisfying its customers‚ and by doing so‚ become a company that enjoys the trust and confidence of the community
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The Impact of Culture on Conservatism. Discuss the implication for the global harmonization of financial reporting standards raised by gray’s model? If cultural values affect the development of financial reporting rules‚ and countries differ with respect to cultural values‚ then financial reporting rules will differ across countries. If financial reporting rules are strongly influenced by culture and cultural values do not change significantly over time‚ culture acts as an impediment to reducing
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2011 Financial Report CONTENTS Consolidated Financial Statements Management’s discussion and analysis year ended December 31‚ 2011 Consolidated Financial Statements year ended December 31‚ 2011 Notes Statutory Auditors’ report on the Consolidated Financial Statements 3 4 19 25 108 Corporate financial statements Corporate financial statements management report issued by the Board of Directors Corporate financial statements Notes on the corporate financial statements Statutory Auditors’ report
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measurements. • Analyzing the impact of cash flows. • Reasoning the pattern and trend. The content: 1. Download data from Prowess for last 5 years on any one company listed above: – Consolidated Balance Sheet‚ Consolidated Profit and Loss and Consolidated Cash Flow statements The companies that could be chosen are given below. There may be overlap but you are supposed to work on these individually. i. NTPC ii. BHEL iii. Tata
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financial report of CSL presented a true and fair view of the financial position. (CSL annual report 2011‚ p.63) Financial status With the consolidated and fair financial report‚ it can be easy to understand the financial status of the CSL. 1. Cost of sales 2011 2010 Cost of sales $2‚128‚873 $2‚184‚850 (CSL Annual Report 2010/11‚ p.64) From the Consolidated statement of Comprehensive income‚ it indicates that the cost of goods sold for 2011 was $2‚128‚873 and for 2010 was $2‚184‚850. It
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a small number of firms controls a large share of the industry’s output or sales‚ it is a consolidated industry. The type of competition in fragmented industries is generally very different from that in consolidated industries. A consolidated (concentrated) industry‚ like the cruise industry‚ typically has a more attractive industry structure‚ though the nature and extent of competition in consolidated industries is hard to predict. Such industries typically exhibit high entry barriers‚ differentiated
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certain technologies to be used in product development. We determined the estimated fair value of identifiable intangible assets acquired primarily by using the income and cost approaches. These assets are included within “Other assets” on our consolidated balance sheets and are being amortized to operating expenses on a straight-line or accelerated basis over their estimated useful lives. Acquisition-related costs were expensed as incurred and were not
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be effective and efficient. III.Analysis of the Causes a.Relationship between IT Department and other bank business units ismixed up causing considerable confusion‚ friction and inefficiency. b.Work request are vague and not coordinated and consolidated to reflect aclearer picture of the problem making it hard to formulate a quick solutionwhich the bank’s other business units require. c.The presence of the new IT executive was not welcomed by the unitmanagers of other business units of the bank
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