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Consolidated Financial Statements, 9th Edition

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Tan Liong Tong

The latest edition of this book aims to keep the materials up to date with the current developments in financial reporting standards promulgated by the International Accounting Standards Board (IASB), and to incorporate the changes in the new IFRSs that may affect consolidated financial statements, such as IFRS 9 Financial Instruments and IFRS 16 Leases. The MPERS Framework for private entities, which became effective on 1 January 2016, has various sections dealing with business combinations and consolidation.

There are some major differences in accounting treatments for business combinations and consolidation between the MFRS Framework and the MPERS Framework, and these are highlighted with examples in this new edition.

Compared to the previous edition, this edition also includes new guidance on the following topics:

  1. Intragroup lease arrangements arising from MFRS 16 Leases;
  2. Different classes of financial assets in the consolidated financial statements arising from MFRS 9 Financial Instruments;
  3. Reduction of capital and return of capital to NCIs in accordance with the new Companies Act 2016; and
  4. Effects of shares or share options granted to employees of a subsidiary.

The subject of consolidated accounts continues to receive increasing attention in Malaysia mainly because of the continuing growth in the corporate activities of takeovers, mergers and acquisitions. At the international level, the principles relating to business combinations and consolidation have also changed over the years.

This book continues to be recommended as an invaluable source of reference for accounting students and practitioners as a comprehensive guide to the principles of consolidated financial statements.