Consolidation: Step by Step
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Consolidation: Step by Step

courseType Technical Skills, Non Financial Sector

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Mail pwcacademy@lu.pwc.com

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General course details

Introduction

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, will cover the full consolidation process and highlights difference in treatment between Luxembourg GAAP and IFRS as imposed on consolidated financial statements.

Objectives

At the end of the 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
- Special 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 expert
This training is coordinated by Gilles Vanderweyen, partner at PwC Luxembourg.
It will be presented by experts from PwC dealing daily with consolidated accounts.   
 
​​Vanderweyen.jpg
Gilles has an extensive experience in audit and other professional assurance services in several industries.
Thanks to his exposition to international client with head office in Luxembourg, Gilles acquired unique leadership skills to serve public clients listed in Europe and in the USA.
Gilles is the leader of the US GAAP technical team in Luxembourg. His areas of expertise are revenue recognition, companies group, consolidation payments based on stocks.

Practical information

Language: English
Number of participants: Limited to 20 participants to ensure good interactivity.
Duration: 1.5 days


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