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Group financial statements

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Abstract

Group financial statements are designed to extend the reporting entity to embrace other entities which are subject to its control or influence. They involve treating the net assets and activities of subsidiaries held by the holding company as if they were part of the holding company’s own net assets and activities; the overall aim is to present the results and state of affairs of the group as if they were those of a single entity.

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  268. CA 85 contains no specific rules on the treatment of consolidation goodwill. However, the application of Sch. 4A, para. 1(1) of the Act means that the present rules contained in the Companies Act will apply.

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  293. EC Seventh Directive, Article 31.

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  298. ED 50, para. 126.

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  300. FRS 2, para. 50.

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  301. Ibid., para. 89.

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  306. Ibid., para. 7(1).

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  307. Ibid., para. 11

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  308. Ibid., paras. 11(5)–(6).

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  309. However, it is probably not permissible to use reserve categories which would not have been available as a destination for goodwill if acquisition accounting had been applied; see the discussion on this topic at 7.5.2.

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  310. CA 85, Sch. 4A, para. 11(5).

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  319. Ibid., para. 45.

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  321. Ibid., para. 49.

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  334. Ibid., para 75(2) and (3).

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  347. ED 44, para. 4(b).

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  348. UITF 3, Treatment of goodwill on disposal of a business, December 1991, para. 7.

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  349. Ibid., para. 12.

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  351. Ibid., para. 10.

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  353. Ibid., para. 9.

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  354. FRS 2, para. 47.

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  355. If goodwill is carried as an asset, its value may change, depending on the concept of the group adopted (see 1.3.3 above).

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  356. FRS 2, para. 52.

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  357. Ibid., para. 91.

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  358. Ibid., para. 87.

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  363. FRS 2, para. 48. Para. 49 appears to contain a similar requirement.

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  364. APB 16, para. 5 and AIN-APB 16, Business Combinations: Accounting Interpretations of APB Opinion No. 16, AICPA, March 1973, para. 39.

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  367. Ibid., para. 54.

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  1. Ernst & Young, USA

    Mike Davies, Ron Paterson & Allister Wilson

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  2. Ron Paterson
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  3. Allister Wilson
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© 1992 Ernst & Young

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Davies, M., Paterson, R., Wilson, A. (1992). Group financial statements. In: UK Gaap. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-12998-0_4

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