Consolidation of accounts: a practical approach
Increased and more complex requirements set on financial communication related to consolidated accounts have imposed consolidation as a key competence within a financial department.
This 1.5-day training, embedding numerous practical exercises, covers the full consolidation process and highlights differences in treatment between Luxembourg GAAP and IFRS as imposed on consolidated financial statements.
Duration: 12h
Language: Available in English and French. The supporting material is only available in English.
Number of participants: up to 15
Available as intra-company course (i.e. dedicated session on demand)
Course content can be customised on demand under specific conditions.
Objectives
By the end of this training, participants will be able to:
- describe the general principles of consolidation;
- identify and distinguish the different methods of consolidation of accounts;
- carry out a consolidation of accounts in accordance with all stages of the process and with the appropriate accounting framework.
Content
Luxembourg legal and regulatory framework
- Luxembourg regulatory framework and IFRS
- Exemptions and exclusions
- Content and closing date of the financial statements
Determination of consolidation
- General principles
- Subsidiaries, joint ventures and associated companies
- Determination of the percentage of control
- Specific treatment of special purpose entities
Basis of consolidation
- General principles
- Fully consolidated subsidiaries
- Proportional consolidation of joint ventures
- Equity Associates
- Determination of percentage interest
Operations prior to consolidation
- Standardisation of accounting principles and policies
- Standardisation of closing dates
- Identification and recognition of deferred taxes
- Entities abroad and issue of foreign currency
Stages of consolidation
- Elimination of balances and transactions within a company
- Treatment of own shares
- Treatment of changes in scope of consolidation (acquisitions and disposals)
Presentation and content of financial statements
- Luxembourg accounting principles
- IFRS in the specific context of the preparation of consolidated financial statements
Target audience
- Members of the consolidation/accounting services
- Accountants, chartered accountants and trust staff involved in the consolidation of financial statements
- Internal auditors and compliance officers
Our lead experts
This training is coordinated by Olivier Laurent, Director in the accounting and tax department at PwC Luxembourg.
Olivier Laurent is a director in the Accounting and Tax department, specialising in consolidation for private equity, operational companies, international groups, and real estate structures. With over 20 years of experience, he leads large assignments and multidisciplinary teams, preparing investment entity accounts and handling accounting and auditing tasks. Olivier possesses deep expertise in consolidation under Lux GAAP and IFRS and is responsible for delivering consolidation training to clients and PwC staff. His core competencies include implementing consolidation systems, developing accounting manuals, standardising client accounting practices across jurisdictions, and establishing reporting procedures. Notable client projects include Global infraCo, Breca Group, and China Three Gorges.
