IFRS 10 Consolidated Financial Statements provides a single ‘control’ model to be applied in the control analysis for all investees in considering which entities are “subsidiaries” and thus consolidated in a parent’s consolidated financial statements. The standard describes the consolidation procedures necessary to consolidate the financial position and performance of these subsidiaries and the parent entity together into a single economic group. The accounting for the acquisition of subsidiaries is dealt with in another standard, IFRS 3 Business Combinations. IFRS 3 introduces the ‘acquisition method’, which is a step-by-step process comprising the determination of the date of acquisition, identification and measurement of the consideration transferred and the identifiable assets and liabilities assumed at fair value, the measurement of non-controlling interests, and recognition of any resulting goodwill or a gain on bargain purchase. During this session we shall also be delving into how to account for joint arrangements and associates in the consolidated financial statements, and discussing other consolidation related issues, such as those faced by groups operating in a multiple functional currency environment.


Georges Xuereb provides IFRS and GAPSME advice and delivers accounting topic papers to his clients on complex technical accounting matters. He also assists clients operating in diverse industries in the preparation of their separate and consolidated financial statements in accordance with IFRS or GAPSME. His area of focus in these diverse industries includes consolidations and business combinations and implementation of recently issued IFRSs. Georges also implements Excel-based consolidation tools to large groups to improve their consolidation reporting process, with a focus on quality and complex accounting requirements and reducing reporting timeframes. Georges delivers technical training and presentations on IFRS matters both internally to his colleagues and to his clients, and delivered lectures on the Financial Reporting and Strategic Business Reporting modules to students as part of their studies in fulfilment of the ACCA qualification.

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