Commitment

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Evaluate the Process of Preparing Consolidated Financial Statements

• Specify the framework and organization of consolidation

• Applicable frameworks

• The consolidation approach and steps

• Consolidation organization: centralized/decentralized

• Consolidation tools: schedule, consolidation manual, software

Operate Controls at Each Stage of the Consolidation Process

• Different tasks at each stage of the consolidation process

• Synthesis workshop: develop a consolidation manual plan

Control the Scope and Methods of Consolidation

• Determine and verify the consolidation scope

  • Obligation to consolidate: for which groups?

  • Control percentage: methods, difficulties

  • Case study on controlling the consolidation scope

• Verify the application of consolidation methods

  • Consolidation methods (full consolidation, other methods): methods, difficulties

  • Case study on consolidating a sub-group

Implement Key Controls Related to Evaluation Methods and Adjustments

• Implement and control adjustments

  • Identifying adjustment types: differences between local methods and group methods, adjustment typology and divergences.

  • Controlling consolidation adjustments: points of vigilance, means to implement

  • Case study on adjusting a lease contract

• Control deferred taxes

  • Basic principles and sources of deferred taxes

  • Exceptions to the balance sheet approach

  • Deferred tax assets: conditions

  • Evaluating deferred taxes

  • Recognizing and presenting deferred taxes in consolidated financial statements

  • Tax proof

  • Points of vigilance and means to implement

  • Case study on controlling deferred taxes and tax proof

Conduct Controls Related to Consolidation Entries

• Verify reciprocal operations

  • Guiding principles

  • Reconciliation and adjustment procedures

  • Liaison accounts

  • Practical exercise on controlling reciprocal operations

• Ensure the elimination of internal results

  • Guiding principles

  • Main cases

  • Elimination methods

  • Case study on eliminating internal results

• Convert accounts of subsidiaries outside the Eurozone

  • Methods

  • Illustration: closing rate method

  • Points of vigilance

  • Workshop on explaining conversion differences

• Control the treatment of perimeter changes

  • Perimeter entry: fully consolidated entity

  • Subsidiary disposal

  • Main methods; differences in treatment between Local rules and IFRS

  • Points of vigilance

  • Case study on perimeter entry - Subsidiary disposal

Detect Potential Errors in the Presentation of Consolidated Financial Statements

• Control the statement of changes in equity

  • Origin of changes in consolidated equity

  • Statement preparation approach

  • Impact of perimeter changes

  • Points of vigilance and means to implement

  • Case study on controlling the statement of changes in equity

• Control the cash flow statement

  • Presentation and construction of the statement

  • Main difficulties

  • Points of vigilance and means to implement

  • Case study on controlling the cash flow statement

Transfer

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