CONSOLIDATED FINANCIAL STATEMENTS AND INTERNATIONAL ACCOUNTING STANDARDS
- Overview
- Assessment methods
- Learning objectives
- Contents
- Full programme
- Bibliography
- Delivery method
- Teaching methods
- Contacts/Info
The attendance of the course "Il bilancio e il controllo economico delle imprese" is recommended.
Exam methods and exam program are the same for attending and non-attending students.
Written examination (1 hour and 30 minutes)
Form A: 1 question (5 points) and a practical exercise (15 points)
Form B: 1 question (5 points) and a practical exercise (5 points)
“Form A" deals with the logics and techniques for the preparation of consolidated financial statements; the topics in Form A are treated in a comparative way, with reference to the Italian accounting regulation (Legislative Decree 127/1991, articles from 25 to 43, and Accounting Standard n. 17, Consolidated Financial Statement, issued by the Organismo Italiano di Contabilità – OIC) and to the IAS/IFRS (in particular, IFRS 3 and IFRS 10).The main aim of Form A is to provide a comprehensive coverage of consolidated financial statements, prepared according to either Italian Gaap or International Financial Reporting Standards.
“Form B” deals with the preparation and the presentation of financial statements in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) issued by the "International Accounting Standards Board” (IASB). The main aim of Form B is to help students in understanding and applying the International Financial Reporting Standards on the preparation of separate and consolidated accounts.
The course contents are the following:
- Introductory notions on corporate groups
- Consolidated financial statements prepared in accordance with Italian Generally Accepted Accounting Principles
- Consolidated financial statements prepared in accordance with IAS/IFRS
- IAS/IFRS: Conceptual Framework for Financial Reporting; Presentation of general-purpose financial statements; asset recognition and measurement criteria; liability recognition and measurement criteria
FORM A - CONSOLIDATED FINANCIAL STATEMENTS (20 hours)
A1) Groups and Consolidated Financial Statements
Definitions of group
Classification of groups
The scope of consolidated financial statements
The representation of the group’s activity in the consolidated financial statements
A2) The concept of Control and the area of consolidation
Companies required to present consolidated financial statements
Companies that are permitted not to present consolidated financial statements
Subsidiaries that can be excluded from the area of consolidation
A2.1) The pre-consolidation procedures
Reporting date
Uniformity of accounting policies
The translation of foreign currency financial statements (in brief)
A2.2) The consolidation procedures
Offset of the carrying amount of the parent’s investment in each subsidiary and the parent’s portion of equity of each subsidiary
Measurement and presentation of “non-controlling interests”
Elimination (or reinterpretation) of intragroup assets, liabilities, equity, income, expenses and cash flows relating to transactions among companies of the group
Elimination (deferral) of intragroup profit or losses resulting from intragroup transactions
Aggregation of the final adjusted values
The consolidation of a subsidiary in the reporting periods subsequent to the first year of consolidation
FORM B – INTERNATIONAL FINANCIAL REPORTING STANDARDS (20 hours)
B1) The accounting harmonization within EU: the legal framework
B2) Scope of Financial Statements and basic assumptions
The scope of the IASB Conceptual Framework
The purpose of financial statements
Underlying assumption: going concern
Qualitative characteristics of financial information
The elements of financial statements (assets, liabilities, equity, income and expenses)
A complete set of financial statements:
- Structure, minimum content, criteria for classifying assets and liabilities in the Statement of Financial Position;
- Structure, minimum content, criteria for classifying the items of income and expenses in the Statement of Profit or Loss and Other Comprehensive Income;
- The Statement of Changes in Equity;
- The Statement of cash flows (notion of cash and cash equivalents; cash flows from operating activity, investment activity and financing activity);
- The Notes.
B3) Analysis of specific Ias/Ifrs relevant for manufacturing, commercial and services companies
Property, plant and equipment (IAS 16)
Investment property (IAS 40)
Intangible assets (IAS 38)
Impairment of assets (IAS 36)
Inventories (IAS 2)
Financial instruments (IFRS 9)
Form A:
Slides downloadable from the e-learning page of the course;
Legislative Decree 127/1991 (Articles from 25 to 43);
Italian Accounting Standard OIC 17, Bilancio Consolidato e Metodo del Patrimonio Netto (2014).
International Financial Reporting Standards relevant for consolidation (in particular IFRS 10 and IFRS 3)
- Ugo Sòstero, Fabrizio Cerbioni, Chiara Saccon, Bilancio consolidato: disciplina nazionale e IFRS, Mc Graw Hill, 2018
Form B:
Slides downloadable from the e-learning page of the course;
Full text of Ias/Ifrs mentioned in the syllabus
- Amelio S., Gavana G., Gazzola P., IAS/IFRS: gli schemi di bilancio, CEDAM, Padova, 2014.
- AA.VV., Il bilancio secondo i principi contabili internazionali IAS/IFRS. Regole e Applicazioni, Giappichelli, Torino, 4th edition, 2016.
The course includes 40 hours of lectures, in which each topic will be dealt with through theoretical framing sessions and numerical exemplifications. The lectures allow a direct interaction with the students, who, following the teacher's explanation, can ask questions and in turn be solicited on specific cases and issues. The numerical exemplifications allow students to immediately put into practice the knowledge of the principles and criteria treated at the theoretical level. The teacher uses the e-learning platform for publishing the course slides and numerical exemplifications.
Office hours and any variations are published weekly on “HOME PAGE DOCENTE”, in the section "Didattica"
http://www4.uninsubria.it/on-line/home/rubrica/home-page-docente.html?P1...
Teacher's Address: giovanna.gavana@uninsubria.it