{"id":3667,"date":"2021-10-26T01:36:55","date_gmt":"2021-10-26T01:36:55","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/?p=3667"},"modified":"2022-08-25T08:43:17","modified_gmt":"2022-08-25T08:43:17","slug":"group-consolidation-and-control","status":"publish","type":"post","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/group-consolidation-and-control\/","title":{"rendered":"Group Consolidation and Control"},"content":{"rendered":"<p><span style=\"color: #000000;\"><\/span><\/p>\n<p style=\"text-align: justify;\"><b><i>In this series, we will discuss consolidation procedures, and desirable group-wide controls.<\/i><\/b><\/p>\n<div id=\"envira-gallery-wrap-3712\" class=\"envira-gallery-wrap envira-gallery-theme-base envira-lightbox-theme-base\" itemscope itemtype=\"https:\/\/schema.org\/ImageGallery\"><div data-row-height=\"\" data-gallery-theme=\"\" id=\"envira-gallery-3712\" class=\"envira-gallery-public  envira-gallery-1-columns envira-clear enviratope envira-gallery-css-animations\" data-envira-columns=\"1\"><div id=\"envira-gallery-item-3742\" class=\"envira-gallery-item enviratope-item envira-gallery-item-1 envira-lazy-load\" style=\"padding-left: 5px; padding-bottom: 10px; padding-right: 5px;\"  itemscope itemtype=\"https:\/\/schema.org\/ImageObject\"><div class=\"envira-gallery-item-inner\"><div class=\"envira-gallery-position-overlay  envira-gallery-top-left\"><\/div><div class=\"envira-gallery-position-overlay  envira-gallery-top-right\"><\/div><div class=\"envira-gallery-position-overlay  envira-gallery-bottom-left\"><\/div><div class=\"envira-gallery-position-overlay  envira-gallery-bottom-right\"><\/div><a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2021\/10\/Sample-Group-SC-Mohan.jpg\" class=\"envira-gallery-3712 envira-gallery-link\" rel=\"enviragallery3712\" title=\"Sample Group SC Mohan\" data-envira-caption=\"Sample Group SC Mohan\" data-envira-retina=\"\" data-thumbnail=\"\"  itemprop=\"contentUrl\"><div class=\"envira-lazy\" data-test-width=\"1980\" data-test-height=\"1080\" style=\"padding-bottom:54.545454545455%;\"><img decoding=\"async\" id=\"envira-gallery-image-3742\" class=\"envira-gallery-image envira-gallery-image-1\" data-envira-index=\"1\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2021\/10\/Sample-Group-SC-Mohan-1980x1080.jpg\" data-envira-src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2021\/10\/Sample-Group-SC-Mohan-1980x1080.jpg\" data-envira-gallery-id=\"3712\" data-envira-item-id=\"3742\" data-envira-caption=\"Sample Group SC Mohan\" alt=\"\" title=\"Sample Group SC Mohan\"  itemprop=\"thumbnailUrl\" data-envira-srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2021\/10\/Sample-Group-SC-Mohan-1980x1080.jpg 400w,https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2021\/10\/Sample-Group-SC-Mohan-1980x1080.jpg 2x\" srcset=\"data:image\/gif;base64,R0lGODlhAQABAIAAAP\/\/\/\/\/\/\/yH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" \/><\/div><\/a><\/div><\/div><\/div><\/div><noscript><img decoding=\"async\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/wp-content\/uploads\/2021\/10\/Sample-Group-SC-Mohan.jpg\" alt=\"\" \/><\/noscript>\n<ol style=\"padding-top: 5px;\" start=\"1\">\n<li style=\"font-weight: 800;\" aria-level=\"1\">EP Holding Co.<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400; padding-left: 30px;\">a. EP Holding Co. procures raw material from overseas, manufactures and packages products.<\/span><\/p>\n<p><span style=\"font-weight: 400; padding-left: 30px;\">b. Sold exclusively to EP Distribution Co.<\/span><\/p>\n<p><span style=\"font-weight: 400; padding-left: 30px;\">c. Rents space from EP Property for office and factory use.<\/span><\/p>\n<ol style=\"padding-top: 20px;\" start=\"2\">\n<li style=\"font-weight: 800;\" aria-level=\"1\"><strong><strong>EP Distribution Co.<\/strong><\/strong><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400; padding-left: 30px;\">a. It procures finished goods from EP Holding Co. and keeps inventories of these items.<\/span><\/p>\n<p><span style=\"font-weight: 400; padding-left: 30px;\">b. Distributes products in Asia including Singapore, Korea, and Taiwan.<\/span><\/p>\n<p><span style=\"font-weight: 400; padding-left: 47px;\">Provides warehousing and logistics services.<\/span><\/p>\n<p><span style=\"font-weight: 400; padding-left: 30px;\">c. Rents out office and factory space from EP Property. \u00a0<\/span><\/p>\n<ol style=\"padding-top: 20px;\" start=\"3\">\n<li style=\"font-weight: 800;\" aria-level=\"1\"><strong><strong>EP Property<\/strong><\/strong><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400; padding-left: 30px;\">a. EP Property owns and rents property in Singapore.<\/span><\/p>\n<p><span style=\"font-weight: 400; padding-left: 30px;\">b. Sublets factory space and office spaces to EP Distribution Co. and EP Holding Co. <\/span><\/p>\n<ol style=\"padding-top: 20px;\" start=\"4\">\n<li style=\"font-weight: 800;\" aria-level=\"1\"><strong><strong>Subsidiaries (Retail outlets)<\/strong><\/strong><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400; padding-left: 30px;\">Singapore, Korea and Taiwan have retail stores and sell finished goods to local end users.<\/span><\/p>\n<p><b><i>Let&#8217;s examine the consolidation process<\/i><\/b><\/p>\n<p><span style=\"font-weight: 400;\">Assumption<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">All subsidiaries were incorporated as EP Holding having 100 percent direct equity interest (ordinary shares).<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">All Entities under the Group have the same financial year end.<\/li>\n<\/ul>\n<table style=\"margin-bottom: 30px;\">\n<tbody>\n<tr>\n<td width=\"15%\"><span style=\"font-weight: 400;\">Step 1 <\/span><\/td>\n<td>Obtain the financial statements, trial balances, for the parent and its subsidiaries;<\/p>\n<p>Review<\/p>\n<ul>\n<li>Subsidiaries must have the same reporting policies<\/li>\n<li>Uniform accounting policies for the parent and the subsidiaries;<\/li>\n<li>Review additional need for fair value adjustments at subsidiaries level.<\/li>\n<\/ul>\n<p>When the accounting policies of a subsidiary differ from those of the parent, adjustments are made during consolidation.<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Step 2\u00a0<\/span><\/td>\n<td>Translate the foreign subsidiary&#8217;s financial statement into the group&#8217;s currency.<\/p>\n<ul>\n<li>Balance sheet translated at year end rate.<\/li>\n<li>Profit and loss at average rate.<\/li>\n<li>Cash flow statement at year end rate except average rate for non-cash flow.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Step 3<\/span><\/td>\n<td>Set up working Excel sheet for parent and subsidiaries for;<\/p>\n<ol>\n<li type=\"a\"><span style=\"font-weight: 400;\">Balance sheet<\/span><\/li>\n<li type=\"a\"><span style=\"font-weight: 400;\">Profit or Loss statement<\/span><\/li>\n<li type=\"a\"><span style=\"font-weight: 400;\">Cash flow statement<\/span><\/li>\n<li type=\"a\"><span style=\"font-weight: 400;\">Schedules like Property, plant and equipment, Taxation, related parties transactions, etc.<br \/>\n<\/span><\/li>\n<\/ol>\n<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Step 4<\/span><\/td>\n<td>Eliminate inter-company indebtedness;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Intra-group receivables and payables need to be cancelled out and they should be matching.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Intra-group loans;\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">The matching asset and liability for the loan needs to be removed.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\">Accrued interest payable at the borrower needs to be cancelled out with the matching interest receivable at the lender.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Eliminate inter-company transactions:<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Eliminate sales and purchases (reverse the seller\u2019s revenue and the buyer\u2019s COGS by the same amount).<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Eliminate interest paid and received (reverse the payer\u2019s interest paid and the payee\u2019s interest received).<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Dividends from the subsidiary to the parent company are reversed because that is an intra-group transfer.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Eliminate unrealised profit from stocks (sold between the parent and the subsidiary).<\/li>\n<\/ul>\n<p>Hence, the consolidated financial statements only reflect external transactions and balances.<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Step 5<\/span><\/td>\n<td>Elimination of inter \u2013 company investment<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Parent company investment \u2013 subsidiaries share capital &amp; pre acquisition reserves = either positive, negative or nil goodwill.<\/li>\n<\/ul>\n<p>Note that only the parent company\u2019s share capital is included if the share capital of the subsidiary have not changed.<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Step 6<\/span><\/td>\n<td>Combine all assets, liabilities, equity, income, and expenses of the parent company and its subsidiaries into one entity.<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Step 7<\/span><\/td>\n<td>Reconciliations of the movements in:<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Reserves (like foreign translation reserves);<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Non-controlling interests (if any);<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Investments; and<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Deferred tax<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Step 8<\/span><\/td>\n<td>Final review of the consolidated accounts as a whole<\/p>\n<p>Prepare consolidated financial statements in accordance with the applicable financial reporting standards.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Other Consolidation adjustments to consider<\/p>\n<table style=\"margin-bottom: 30px;\">\n<tbody>\n<tr>\n<td>Adjustments<\/td>\n<td>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">At acquisition<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Step acquisition<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Change in degree of control<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Fair value adjustment post acquisition<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Goodwill computation<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Non-controlling interest (minority interest)<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"padding-top: 50px;\"><b>Let look at desirable Group Wide Controls of the above Group of Companies<\/b><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Group-wide controls may include a combination of the following:<\/span><\/p>\n<table style=\"margin-bottom: 30px;\">\n<tbody>\n<tr>\n<td>Accounting system<\/td>\n<td>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">IT and accounting systems are centrally controlled by the main office via a cloud-based system.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Processes and controls centrally coordinated, including shared service environments.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Monitor the timeliness, accuracy, and completeness of financial information received from subsidiaries.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Review performance<\/span><\/td>\n<td>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Monitoring subsidiaries&#8217; performance, including regular evaluations, cash management, reconciliation of banks, trade balance, reports, and the ability to take appropriate action based on budgets.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Subsidiaries management authority and responsibility.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reviewing performance and discussing business developments between management of the group and subsidiaries.<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Management\u2019s risk assessment \/ fraud prevention <\/span><\/td>\n<td>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In this process, risk is identified, analyzed, and managed (such as outstanding collections, inventories, cash flows, manpower strength, and tax matters).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Management overrides, fraud prevention, detection, and mitigation procedures.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Group-wide fraud prevention programs and codes of conduct.<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Intercompany transaction \/ balances<\/span><\/td>\n<td>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Monitoring, controlling, reconciling, and eliminating intra-group transactions and unrealized profits, and intra-group account balances at the group level.<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Group financial statements<\/span><\/td>\n<td>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Consistent policies and procedures, including a group financial reporting procedures manual.<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>If you require assistance in navigating the Consolidation of your Group, <a href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/scmohan.com.sg\/contact-us\/\" rel=\"noopener\">contact us<\/a> for a personalised session today.<\/p>\n<p>Disclaimer: The information provided is general in nature and is not intended as professional advice. The information contained in this blog was collated as at October 2021 based on information available at that time.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Consolidation of Group Accounts and Auditing<\/p>\n","protected":false},"author":7,"featured_media":3717,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":"","inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[12],"class_list":["post-3667","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insight","tag-articles"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Group Consolidation and Control - S C Mohan PAC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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