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Hi,
I’m really struggling to formulate an organized way of completing the consolidation questions. My method at the moment is to complete all the workings I think I have to do, and then start drawing up the statement. When I go through each item of the statement (such as PPE), I look back through my workings to see if any of them applies. Invariably I miss things, and don’t end up putting it in the statement.
Therefore, do people have strategies for dealing with this? I’m thinking about drawing up the statement first, entering all the information that I can do straight away (such as PPE already in front of me), then as I go through the workings, immediately enter stuff onto the statement before carrying on with the next working.
I haven’t tried this yet, but does this sound like good practice?
Thanks for your advice.
Hi,
I am also struggling for this.
At the moment I am trying to do the calculations/adjustments first then drawing up the SOFP at the end.
It is taking me a long time though so would be great to hear how other people are going to tackle it.
I’m glad it’s not just me then struggling with this. Sometimes it takes me the whole day to do the question! I definitely need to speed up before December.
Hopefully someone can give some useful advice for us.
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I do this:-
Draw up the proforma then put in any figure that I know will not change by doing the adjustments.
Then I put in the Working references ie my working for Goodwill is always called [W2] and my working for Retained Earnings is always called [W3] etc.Then I do the adjustments and call them a,b,c,d etc to go with the question.
I put any figure that I have to use in the Financial statements in a circle and then I know I have to do something with it, even if I don’t always know exactly what I need to do with it!!I some times still get a bit muddled, but at least I’ve got a plan!
good luck!
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