The group, the half-year and the municipality in one Studio
A parent’s statements are consolidated with its subsidiaries’, each read from its own statements project. A statements project can be a half-year or quarterly report under IAS 34. A municipality or public entity gets statements written for GRAP, not adapted from a company’s.
Who uses it
- Accountant
- Manager
- Partner
What it does
- Groups (IFRS 10, IFRS for SMEs Section 9): subsidiaries added with the interest held, the date control was obtained and the acquisition facts; each subsidiary’s trial balance read from its own statements.
- Eliminations suggested with their reason and lines — intercompany balances, trading, dividends and the investments — applied only once a person accepts them; consolidation journals carry their reason and history.
- Goodwill and the non-controlling interest worked out, profit and comprehensive income attributed to the owners and to the non-controlling interest, and the notes on goodwill, subsidiaries and non-controlling interests drafted.
- Interim (IAS 34): condensed statements for a half-year or a quarter under full IFRS, against the comparable interim period from typed figures, a trial balance or last year’s interim statements, with the selected explanatory notes.
- GRAP: revenue from exchange and non-exchange transactions, policies citing each Standard of GRAP, and the irregular, fruitless and wasteful, and unauthorised expenditure notes with their reconciliations.
- For municipalities: the MFMA disclosures, supply chain deviations, commitments and the budget differences note.
How it works
- Mark the parent’s statements consolidated, or open an interim report, or choose the GRAP template.
- Add the subsidiaries or the comparable interim figures.
- Accept the suggested eliminations.
- Build, review and sign as for any statements.
The controls that protect it
- An elimination applies only once a person accepts it; a rejection needs a reason, and a change in the figures withdraws an earlier acceptance.
- Nothing is posted to any ledger: the consolidation lives in the group’s statements.
What it does not do (yet)
- Consolidation uses book values at the date control was obtained; fair-value adjustments, unrealised profit between members and goodwill impairment are consolidation journals.
- Sub-groups, members in another currency and consolidated interim statements are not drafted yet; the group’s statements show the group’s columns.
- Interim statements are drafted under full IFRS only; on GRAP the cash flow statement uses the indirect method.
