User:Mgt88drcr/project01

Mgt88drcr is a qualified accountant and graduate of a master degree program in professional accounting. On 28 November 2013, I was invited to join the Wikipedia:WikiProject Business/Accountancy Taskforce. The taskforce covers all aspects of accountancy include: After searching and reviewing some of articles, knowing that there are lacking of articles in relation to the historical development and current issues of consolidated financial statements, so my articles editing will be covered these areas.
 * financial and non-financial
 * numerical and non-numerical
 * manual basis or computerized / automated environment

= History =

http://books.google.com.hk/books?id=eCbP-kdoVJoC&pg=PR2&lpg=PR2&dq=Walker++Consolidated+Statements++New+York++Arno+Press+1978&source=bl&ots=nfSZcPtZtS&sig=m2qLCde6DufLUBFfPwkn-CKsipw&hl=en&sa=X&ei=kR-jUqOxMq-0iQebvoDYDA&ved=0CEoQ6AEwBw#v=onepage&q=Walker%20%20Consolidated%20Statements%20%20New%20York%20%20Arno%20Press%201978&f=false http://www.accountingin.com/accounting-historians-journal/volume-11-number-1/the-development-of-group-accounting-in-the-united-kingdom-to-1933-2/ http://www.accountingin.com/accounting-historians-journal/volume-18-number-2/the-process-of-accounting-innovation-the-publication-of-consolidated-accounts-in-britain-in-1910/ http://www.ritsbagakkai.jp/pdf/425_05.pdf http://ses.library.usyd.edu.au/bitstream/2123/2401/1/Frontmatter-Consolitdated_statements.pdf http://hal.archives-ouvertes.fr/docs/00/64/05/03/PDF/Beginnings_of_financial_reporting_and_premises_of_consolida_.pdf http://books.google.com.hk/books?id=crHE8tCpemwC&pg=PA341&lpg=PA341&dq=Walker++Consolidated+Statements++New+York++Arno+Press+1978&source=bl&ots=a_hv1_KYau&sig=YQn3KOI-Njls0pcZxNhMUnHiMq4&hl=en&sa=X&ei=kR-jUqOxMq-0iQebvoDYDA&ved=0CEUQ6AEwBQ#v=onepage&q=Walker%20%20Consolidated%20Statements%20%20New%20York%20%20Arno%20Press%201978&f=false
 * Walker, R. G. Consolidated Statements. New York: Arno Press, 1978.
 * J.R. Edwards and K.M. Webb, The development of group accounting in the united kingdom to 1933
 * The Process of Accounting Innovation: The Publication of Consolidated Accounts in Britain in 1910
 * Eri Kanamori, The Development of Group Accounting in United Kingdom: The Essential Contribution of F.R.M. de Paula
 * The Evolution of Consolidated Financial Reporting in Australia
 * R G Walker, Consolidated Statements: a History and Analysis, The University of Sydney
 * Didier Bensadon, Beginnings of financial reporting and premises of consolidation of accounts in the French aluminium industry, 1921-1939.
 * Stephen A.Zeff, Insights from Accounting History'''

= Accounting practices =

Acquisition accounting
http://www.aabri.com/manuscripts/10442.pdf
 * Consolidation (business)
 * Goodwill (accounting)
 * Divestment
 * Demerger
 * Multinational corporation
 * Consolidation theories and push-down accounting: achieving global convergence

General
http://www.ey.com/UL/en/AccountingLink/Current-topics-Consolidation
 * Consolidation, EY
 * 1) Financial Reporting Developments - Consolidated and other financial statements: Noncontrolling interests, combined financial statements, parent company financial statements and consolidating financial statements
 * 2) Financial Reporting Developments - Consolidation and the Variable Interest Model: Determination of a controlling financial interest
 * 3) Practical matters for the c-suite - To consolidate or not to consolidate - that is the question
 * 4) Comment Letter - Consolidation: Principal vs. agent analysis

http://business.highbeam.com/438285/article-1G1-78789237/evidence-effect-alternative-consolidation-accounting http://www.academia.edu/3471794/The_Reporting_Entity_and_Consolidated_Financial_Statements
 * Evidence of the effect of alternative consolidaiton accounting techniques on the finnancial decisions of users
 * The Reporting Entity and Consolidated Financail Statements

Equity accounting
http://pd.zhaw.ch/publikation/upload/204218.pdf http://www.iasplus.com/en/publications/hong-kong/models/hong-kong-financial-reporting-standards-2014-hkicpa-issues-new-standards-on-consolidation-joint-ventures-and-disclosures-2011
 * Equity method
 * Associate company
 * Applying the Equity Method as a means of Consolidation in the Public Sector: Experiences in OECD countries
 * Hong Kong Financial Reporting Standards — HKICPA issues new standards on consolidation, joint ventures and disclosures 2011

Foreign currency translation
http://www.personal.psu.edu/sst5034/Scholarly%20Articles/155136.pdf
 * Robert G. Ruland and Timothy S. Doupnik, Foreign Currency Translation and the Behavior of Exchange Rates

http://www.ifrs.org/Use-around-the-world/Education/Recent-publications/Documents/Module30_Version_2011_09.pdf
 * IFRS, Module 30 – Foreign Currency Translation

http://www.accountingin.com/accounting-historians-journal/volume-2-numbers-1-4/accounting-for-foreign-currency-translation-current-problems-in-historical-perspective/
 * Konrad W. Kubin, Accounting For Foreign Currency Translation: Current Problems In Historical Perspective

http://www.wacra.org/PublicDomain/IJCRA%20xx_iv_IJCRA%20pg451-460%20Vlady.pdf
 * Foriegn currency translation: New accounting standards in Australia


 * Foreign currency matters - Ernst & Young

Account reconciliation

 * Reconciliation (accounting)

= Current regulatory framework = http://app1.hkicpa.org.hk/ebook/HKSA_Members_Handbook_Master/volumeII/hkfrs10.pdf http://catalogue.pearsoned.co.uk/assets/hip/gb/hip_gb_pearsonhighered/samplechapter/KothariCh2.pdf http://www.hkicpa.org.hk/file/media/section6_standards/standards/interpretation18.pdf
 * Consolidated Financial Statements - HKIFRS 10
 * Conceptual framework for financial reporting
 * Interpretation 18: Consolidation and Equity Method - Potential Voting Rights and Allocation of Ownership Interests

=Issues and debates = http://www.seiofbluemountain.com/upload/product/201009/2010cwjrhy08a2.pdf
 * GUO Qin1 ,YUAN Xueying2, The Goodwill Issue in the Consolidation Accounting

http://picker.uchicago.edu/Enron/Weil.pdf
 * Current issues in consolidation policy in wake of Enron

http://www.nysscpa.org/cpajournal/2008/208/essentials/p26.htm
 * Consolidated Financial Statements Major Changes Coming!

http://www.uic.edu/classes/actg/actg516rtr/Readings/Off-BS/Surprise%20-%20%20New%20Consolidation%20Rule%20May%20Affect%20Private%20Equity.htm
 * Surprise - New Consolidation Rule May Affect Private Equity

= Different industrial sectors = http://epublications.bond.edu.au/cgi/viewcontent.cgi?article=1037&context=discussion_papers http://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/IFRS-Practice-Issues/Documents/IFRS-practice-issues-consolidation-model.pdf
 * Syntax of consolidated financial statements: the impact on credit-manager's decision making
 * Applying the consolidation  model to fund  managers

= Audit and assurance = http://www.chinaacc.com/upload/html/2013/06/27/lixingcuna9d1fdf11a784d53809600c1da6e89d4.pdf
 * Group audit issues

= Process management and automation =

https://en.wikipedia.org/wiki/User:Mgt88drcr/project01a http://archive.nyu.edu/bitstream/2451/14494/1/IS-87-58.pdf www.group-global.org/storage_manage/download_file/11845‎ http://www.oracle.com/us/solutions/ent-performance-bi/financial-close-consolidation-wp-079891.pdf http://searchfinancialapplications.techtarget.com/feature/Four-tips-for-faster-financial-consolidation http://businessfinancemag.com/planning-budgeting-amp-reporting/top-10-consolidation-and-reporting-pitfalls-and-how-avoid-them http://xtalks.com/financewebinar2.ashx http://robertkugel.ventanaresearch.com/2012/05/10/consolidation-software-is-a-key-to-faster-closing/ http://www.ifrs.com/pdf/10414-378_IFRS_IT_White_Paper_WEB_FINAL.pdf http://www.financialexecutives.org/KenticoCMS/Communities/Committees/Finance---IT-(CFIT)/CFIT-files/Top-10-Findings-from-Technology-Issues-Survey.aspx
 * William C. Sasso, Architectures for Financial Consolidation: A Comparative Study
 * Financial Reporting and Consolidation - G-Global
 * Deloitte, Financial close, consolidation and reporting
 * Emma Snider, Four tips for faster financial consolidation
 * The Top 10 Consolidation and Reporting Pitfalls and How To Avoid Them
 * Renewing your Close, Consolidate, Report Process for Performance Insight and Impact
 * Consolidation Software Is a Key to Faster Closing
 * Financial System Considerations in IFRS Conversion Projects
 * Top 10 Findings From Gartner's Financial Executives International CFO Technology Study

Finance computing framework

 * Separation of concern

Stage 1: Data collection

 * Data extraction from internal/external database
 * Data extraction from Excel workbook
 * Data validation and authorization
 * Data version control

Stage 2: Data transformation

 * Standardization of non-standardized data
 * Generation of validation list
 * Data posting with rewriting posted data

Stage 3: Data storage

 * Data posting control maintenance
 * Updating master data
 * Scheduled refresh datacube

Stage 4: Reporting

 * On-demand reporting
 * Scheduled analytical alert

Level 1 automation: Aggregation
A simplex form of aggregation is 1+1=2 by using calculator. However, aggregation is not limit to this sum function. It also includes average, count, maximum, minimum as etc. The preparation of consolidated financial statements is most frequent use the sum function to aggregate financial data for a group of companies.

The scope of aggregation is mainly to aggregate homogeneous group of data (i.e. standardized data) despite it may involve a large number data files and records when these data files contain many reporting dimensions such as ledger code, voucher date, accounting period, account code, project code, department code, business unit code contracting party code, quantity, unit code, unit price, original amount, currency code, exchange rate, equivalent amount etc.

All possible combination aggregation results can very significant. However, certain combination aggregation results can be relevant for management decision such as profit and loss for each business unit across different accounting period and other aggregation results can be relevant for statutory audit such as consolidated trial balance of a group with breakdown by companies.


 * Aggregation for different scenarios
 * Management: Budget, actual, project and forecast
 * Statutory: Actual local GAAP, Actual IFRS
 * Aggregation performance
 * Number of dimensions
 * Number of records

Level 2 automation: Versioning

 * Version control for audit trial purpose
 * Version control for reporting purpose

Level 3 automation: Elimination

 * Across different dimensions (Legal entity, business unit, geographical region, time)
 * Across different transaction natures (Investing, operating and financing)

Level 4 automation: Standardization

 * Differing transaction and reporting currencies
 * Differing convertibility of currencies
 * Differing sovereign credit ratings
 * Differing units of measurements
 * Differing time zones and geographical locations
 * Differing regulatory environments
 * Differing date and amount formats
 * Differing year end dates
 * Differing accounting systems
 * Differing data and master file formats
 * Differing accounting policies and practices
 * Differing measurement and recognition
 * Differing allocation
 * Differing amortization and depreciation
 * Differing disclosure and presentation
 * Differing account codes and other dimensional codes

Level 5 automation: Tagging
Tagging is everyday life you may use, for example, tagging of mp3 files with multiple registration of tags, tagging of photos associated with your friends.

In addition, tagging is widely use for document management system in order to support efficient searching of required documents based on selected criteria of tags.

For the purpose of preparation of consolidated financial statements, there are two main kinds of tagging:

e.g. these system-defined tags including user, processing date, multiway system, status, data source e.g. to reclassify a large number of master records including product codes, account codes, staff code, customer code e.g. any string with "loss", "worst" and etc. as included in transactions can be tagged as pre-defined analysis code attributed to specific dimension.
 * Tagging of each multiway processing base on system-defined tags
 * Tagging of master records base on user-defined characteristics of master records
 * Tagging of transactions base on user-defined characteristics of data source

An effective tagging implementation can enrich and simplify the preparation of consolidated financial statements when management demand to analyze the group performance by different dimensions.

Level 6 automation: Alert

 * Traditional process base alert (e.g. completed processing, error triggered)
 * User-defined analytical alert

Eternal triangle

 * Software developer
 * Implementation consultant
 * User

Information asymmetry

 * Adverse selection
 * Moral hazard

= Education and training = http://nanyangbusinessschool.ntu.edu.sg/undergrad/common/contents/courseoutline/co_AC3102_AA306.pdf
 * Risk reporting and analysis

http://www.cimaglobal.com/Documents/Student%20docs/2010%20syllabus%20docs/F1/F1Nov11fmarticlepart2.pdf
 * CIMA Paper

= Career = http://www.linkedin.com/jobs2/view/9743948
 * Financial Systems Consolidations Manager

http://www.indeed.com/jobs?q=Financial+Consolidation&l=
 * Financial Consolidation

= Others = http://doctorat.ubbcluj.ro/sustinerea_publica/rezumate/2010/contabilitate/Muller_Victor_EN.pdf http://mfile.narotama.ac.id/files/Accounting%20&%20Financial/Comparative%20International%20Accounting%20(10th%20Edition)/Chapter%2017%20%20Consolidation.pdf http://www.encyclopediaofcredit.com/Consolidated-Financial-Statements http://maaw.info/BusinessCombinationsBibliography.htm
 * Victor-Octavian Müller, Developments and enquiries in the field of consolidated financial statements
 * Robert Parker and Christopher Nobes
 * Encyclopedia of Credit
 * Business Combinations and Consolidated Statements Bibliography

http://books.google.com.hk/books?id=EGwWmEjL6hoC&pg=PA358&lpg=PA358&dq=R+G+Walker,+Consolidated+Statements:+a+History+and+Analysis,+The+University+of&source=bl&ots=RkXywlf4q6&sig=XiIgxivKqZKduenz5I_r7_c9ULI&hl=zh-TW&sa=X&ei=Wo-iUuiFPJGukgXfuYFQ&ved=0CFIQ6AEwBDgK#v=onepage&q=R%20G%20Walker%2C%20Consolidated%20Statements%3A%20a%20History%20and%20Analysis%2C%20The%20University%20of&f=false http://www.strengthmatters.net/sitebuildercontent/sitebuilderfiles/smi_financial_reporting_paper_summary_4-10.pdf
 * Frank Clarke, Geaeme Dean and Kyle Oliver, Corporate collapse, Accounting, Regulatory and Ethical Failure
 * The STRENGTH MATTERS™ CFO Working Group


 * Economic Analysis of Financial Regulation

http://wps.aw.com/wps/media/objects/1924/1970895/ChapterIMF.pdf
 * International Managerial Finance

http://www.alliedacademies.org/Publications/Papers/JIBR%20Vol%209%20SI_1_%202010%20p%201-22.pdf
 * The Introduction of Accounting Principles for Consolidated Financial Statements in Japan

http://books.google.com.hk/books?id=dOmrLm5Jq4AC&pg=PA13&lpg=PA13&dq=Walker++Consolidated+Statements++New+York++Arno+Press+1978&source=bl&ots=l7rww7xuMZ&sig=mPuUjP4E3FA-fExNjQ9LPGqI7NI&hl=en&sa=X&ei=kR-jUqOxMq-0iQebvoDYDA&ved=0CEgQ6AEwBg#v=onepage&q=Walker%20%20Consolidated%20Statements%20%20New%20York%20%20Arno%20Press%201978&f=false
 * Paul Taylor, Consolidated Financial Reporting


 * Consolidated financial statement