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ACCA F7 Preparation of the Consolidated Statement of Financial Position part 1

VIVA

ACCA F7 lectures  Download F7 notes

Preparation of the Consolidated Statement of Financial Position

• Consolidation is the process of adjusting and combining financial information from the individual financial statements of a parent undertaking and its subsidiary undertakings to prepare consolidated financial statements that present financial information for the group as a single economic entity.

• the Consolidated Statement of Financial Position reflects the assets and liabilities within the control of the parent entity, and how they are owned.

• defined by IAS 27 Consolidated Financial Statements and Accounting for Investments in Subsidiaries, consolidated financial statements are “the financial statements of a group presented as those of a single entity”.


Reader Interactions

Comments

  1. tinitiligi says

    July 13, 2014 at 8:07 am

    very difficult to access online at my part of the world. Internet services very frustrating. I think the materials are good but I can not access them very well.

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  2. Samoar says

    July 2, 2014 at 12:19 pm

    Hello Mike !

    Thanks for making such a twisted topic sound so simple and the exam tips .

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    • MikeLittle says

      July 2, 2014 at 12:26 pm

      You’re welcome

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  3. francis7 says

    May 7, 2014 at 2:01 am

    Thanks Sir this lecture is helpin me out…. how to answer exam question on F7 as its my 1st time, do one have to do the woorkings at the back of the answer sheet and later answer the questions at the front of the answer sheet?

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    • MikeLittle says

      July 13, 2014 at 8:11 am

      Too late to help francis, sorry Francis – you should have put your question on the Ask the Tutor page!

      However, for any others reading this thread, no! Do your workings first and then write out your answer behind the workings. Always remember, these markers are not idiots! They also have done ACCA exams and know the issues facing students.

      The positioning of your workings relative to the “answer” is totally immaterial (other than having all your workings together and not spread throughout the answer booklet. I’ve actually seen that done on two occasions whilst I was an ACCA marker)

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      • allenmendonca says

        August 13, 2014 at 2:48 pm

        Suppose i leave one page for my workings and keep getting back to it later and i don’t use up the entire space, can i just mention at the end answer starts on the next page or something like that?

      • MikeLittle says

        August 13, 2014 at 2:54 pm

        Absolutely no need at all to do that. It doesn’t matter to ACCA, the examiner or a marker (the only one to complain is the tree that gave up its life to make the paper that you are now only half using)

        You write as much or as little as you want on a page.

        Just don’t make your workings crunched up – leave plenty of space and head them properly and set them out neatly and logically

        It all comes with practice

  4. shonamushayi says

    March 27, 2014 at 7:51 am

    thank you for the lecture it makes my life easier ,straight to the point , thank u sir

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  5. Mark says

    January 22, 2014 at 7:48 pm

    @2,03 What example is that????

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    • MikeLittle says

      January 23, 2014 at 7:56 am

      Are you following the lecture at all? I clearly say “Look at the example Rasa and Tatjana” Do you have the course notes in front of you? Then look on page 33 and …..Lo!!!!! There is an example called Rasa and Tatjana!

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      • maat9 says

        February 8, 2014 at 5:48 pm

        hello sir i have passed f7 with 60% marks ,due to your effort , you have the main role in my success thank you very much sir..

      • MikeLittle says

        February 9, 2014 at 9:22 am

        Hi, you are very kind but there was quite a bit of input from you too! It wasn’t me sitting in that exam room – that was you.

        Anyway, well done to both of us! 🙂

  6. KWESI OKYERE says

    November 10, 2013 at 12:06 am

    When working out the full 25 mark SFP question you might have to work for Unrealised profit to work out the Net Assets of the subsidiary, do you then make that Working 2 or the Arrangement of which is 1st and subsequent workings is not that important?

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    • MikeLittle says

      November 10, 2013 at 12:54 pm

      I must have said it many times in the recordings – at least I think I have – after working W2 Goodwill, we have to do calculations for pups (pretty well every exam question) and dividends (very rarely)

      Then we are in the position where we can do working W3 Consolidated Retained Earnings (or Cons Ret Ears as I write it on the screen)

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  7. zanele82 says

    October 31, 2013 at 3:30 pm

    Please help me am using an apple iPad and when I want to watch the lectures the video does not come out and ave tried the support page nnothing seem to help the browser am using is safari,what cud be the problem it only the page with comment which show and tithe video does moot appear at all.thank you in advance

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    • opentuition_team says

      October 31, 2013 at 4:26 pm

      restart your iPad maybe? and check your internet connection

      lectures should work fine on the iPad.

      Maybe your internet connection is behind a firewall contact your administrator or Internet provider..

      Log in to Reply
  8. Lance says

    October 14, 2013 at 1:28 pm

    MikeLittle
    Is it really advisable to use abbreviation during an F7 exam for instance SOFP, SCI, CA e.t.c. like you mentioned? Wont the examiner pin us down?
    Worried student!

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    • MikeLittle says

      October 31, 2013 at 4:30 pm

      Look at a marking scheme – there are no marks allocated to writing:

      The Warrburt Group
      Consolidated Statement of Financial Position
      as at 30 September 2013

      but, if you don’t believe me …. that’s ok – write it out in full

      :-))

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      • allied3390 says

        June 19, 2016 at 11:55 am

        Hi Mike,

        What if I write “understandable” abbreviations in all workings, but show full words or sentences in statements to avoid misleading?

        I am quite worried if those abbreviations may make markers hard to look for answers and indirectly I’ll be losing marks because of this.

        Please advice.

  9. deezzle says

    October 12, 2013 at 2:44 pm

    Hi Mr. Little. I observed that in the first example you included the investment of 3000 (cost of acquiring the subsidiary) in the Balance Sheet but in this lecture, you did not include the 18,000 investment in the Balance Sheet. Why is that so?

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    • MikeLittle says

      October 12, 2013 at 4:02 pm

      That first example is to show the effect of acquiring a subsidiary in the acquirer’s records. It’s the only example where the answer does NOT ask for a consolidated position. All subsequent examples ask for consolidated statement of financial position

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      • deezzle says

        October 12, 2013 at 11:07 pm

        Oh good, thanks.

      • MikeLittle says

        October 13, 2013 at 9:23 am

        OK but …… may I suggest that, if you had listened carefully to the lecture, you would have understood and then there would have been no need to ask.

        However, it’s always nice to hear from students and we’re all of us very happy to respond when requested to

  10. accastudent94 says

    August 30, 2013 at 2:03 am

    Mr Mike little……i think u shud sound a bit more stern! ur way of speaking will make the lecture boring to hear !
    anyways Thanx alot… u r doing a great job!!!

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    • MikeLittle says

      September 14, 2013 at 8:12 pm

      Well, don’t listen to it if you think you’re going to be bored!

      Log in to Reply
  11. Moongam says

    August 17, 2013 at 11:05 pm

    I like the tutor. Makes things look very simple.

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  12. darren says

    August 16, 2013 at 10:50 am

    hi – i have only 4 exams left to take of which if F7. i just passed P1 and P3 but previous to this i left 5 yr gap in my studying. im nervous about F7 and P2 as i cant remember alot of the double entry stuff- can you point me to where i can smash through some double entry practice questions prior to beginning my course in Sept.

    Your help here would be greatly appreciated. Open tuition really helped me with P3 last yr – really good mateial and i will defo be using again for my remaining exams.

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    • MikeLittle says

      August 16, 2013 at 2:21 pm

      Have you thought about looking at F3? That’s full of double entry! There’s not a lot of debits and credits in either F7 or P2 but you’re right – knowledge of the basics would do you no harm

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      • darren says

        August 16, 2013 at 2:25 pm

        brill thanks Mike. will do.

      • MikeLittle says

        August 16, 2013 at 4:38 pm

        welcome

  13. Leila says

    August 11, 2013 at 8:47 am

    Yes you sound just like my father. lol Thank you!!

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    • MikeLittle says

      August 11, 2013 at 10:42 am

      I don’t think I ever met your mother!

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      • dionnee says

        September 14, 2013 at 6:49 pm

        lol good one!

  14. chimeziem says

    July 9, 2013 at 2:47 pm

    i think wit it am good to go.thanks a lot

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  15. chimeziem says

    July 9, 2013 at 2:42 pm

    Thanks you for helping us so far

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  16. Ofafa says

    June 23, 2013 at 2:05 pm

    The lectures are OK i have watched a bit of f7. The only problem is that the lecturer is a bit slow.

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    • MikeLittle says

      June 23, 2013 at 7:19 pm

      Couldn’t go any faster, sorry. The students were already reeling, even at that speed 🙁

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  17. jivanjee says

    May 29, 2013 at 9:12 pm

    thank u

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  18. pfitz007 says

    May 9, 2013 at 11:01 pm

    Is he on drugs at the end of this hahaha, great lecturer!!!

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  19. tandi says

    May 4, 2013 at 4:26 pm

    Great lecture. Thank you.

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  20. japheth says

    April 26, 2013 at 6:00 am

    have never succeeded to watch even for once. I don’t know what the problem is. Please advice.

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