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 days 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)
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 specialises in the consolidation of private equity, international groups and real estate structures.
With more than 20 years of experience, Olivier has in-depth knowledge of consolidation advice under Luxembourg GAAP and IFRS. He is also responsible for consolidation training for PwC's clients and staff.
