Advanced Financial Accounting Assignment Help & Online Tutoring

Advanced financial accounting covers the harder reporting areas that come after single-company statements: consolidated group accounts, business combinations and goodwill, associates and joint ventures, leases, financial instruments, deferred tax and foreign currency translation. Most courses examine it under IFRS, applying a standard to a given fact pattern.

Consolidation presents a parent and its subsidiaries as one economic entity. The subsidiary's assets, liabilities, income and expenses are added in full from the date control is obtained, intra-group transactions are eliminated, and the non-controlling interest is shown separately in equity.

Goodwill is the excess of the consideration transferred plus the non-controlling interest over the fair value of the identifiable net assets acquired. It represents what was paid beyond identifiable items, is not amortised under IFRS, and is tested for impairment at least annually.

Add the consideration transferred and the non-controlling interest at acquisition, then subtract the fair value of identifiable net assets acquired. The non-controlling interest may be measured at fair value or at its proportionate share of net assets, and that choice changes the goodwill figure.

Non-controlling interest is the part of a subsidiary's equity not held by the parent. It is presented within group equity, separately from the parent's share, and it is allocated its proportion of the subsidiary's post-acquisition profits and other comprehensive income, even where that allocation produces a deficit balance.

A subsidiary is controlled by the parent and is consolidated in full. An associate is one where the investor has significant influence but not control, and it is accounted for using the equity method, which records a single investment line and a share of profit.

Under the equity method the investment starts at cost and is increased by the investor's share of the investee's post-acquisition profit and other comprehensive income, and reduced by dividends received. Only one line appears in the statement of financial position.

Control exists where an investor has power over the investee's relevant activities, exposure to variable returns, and the ability to use that power to affect those returns. All three are needed. A holding of more than half the votes usually indicates control, but it is not the test itself.

Because consolidated statements present the group as a single entity, and an entity cannot trade with or owe money to itself. Intra-group sales, balances, dividends and any unrealised profit on inventory or assets still held are removed so only external transactions remain.

When one group company sells to another at a margin and the goods remain unsold at the reporting date, the profit has not been earned from an external party. It is removed from inventory and from the selling company's profit, and allocated to the non-controlling interest where that company has one.

A lessee recognises a right-of-use asset and a lease liability for most leases, rather than classifying them as operating or finance. The asset is depreciated and the liability accrues interest, so the expense is front-loaded compared with the former straight-line rental charge.

Deferred tax arises from temporary differences between the carrying amount of an asset or liability and its tax base. It matches tax to the accounting profit it relates to. Common sources are accelerated capital allowances, provisions and fair value adjustments on acquisition.

Transactions are recorded at the spot rate, monetary items are retranslated at the closing rate with differences in profit or loss, and non-monetary items stay at historical rates. For a foreign operation, assets and liabilities use the closing rate, income the average, and differences go to other comprehensive income.

Goodwill is tested at least annually by comparing a cash-generating unit's recoverable amount with its carrying amount. Any shortfall reduces goodwill first. Under the fair value method for non-controlling interest, the impairment is shared with that interest; under the proportionate method it is not.

Yes. A one-to-one tutor can work through consolidation schedules, goodwill and non-controlling interest calculations and the standards behind them, and check your workings and layout. You complete your own assessed work in line with your course rules. Lessons are online.