Topic: Group Financial Statements and Consolidation

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FR – Mar 2025 – L2 – Q1 – Consolidated Financial Statements

Prepare consolidated financial statements for Aba LTD, including adjustments for acquisition, intra-group sales, government grants, and impairment.

Question

Aba LTD (Aba), a technology company, acquired 60% of the share capital of Boafo LTD (Boafo) on 1 January 2024. There are two elements to the purchase consideration – a share exchange transaction of three shares in Aba for every five shares acquired in Boafo, and a cash consideration of GH¢20.4 million on the date of acquisition. The share price of Aba at the acquisition date was GH¢1.2 per share. Only the cash consideration of GH¢20.4 million has been recorded in the books by Aba. The market price of Boafo’s shares just before the acquisition was GH¢1.015.
The summarised draft Financial Statements of both companies as at 31 December, 2024 are as follows:

Statement of Profit or Loss for the year ended 31 December 2024

	Aba (GH¢’000)	Boafo (GH¢’000)
Sales revenue	200,500	50,500
Cost of sales	(110,000)	(24,000)
Gross profit	90,500	26,500
Admin expenses	(50,300)	(15,700)
Finance cost	(1,200)	–
Profit before tax	39,000	10,800
Income tax expense	(5,450)	(2,200)
Profit for the year	33,550	8,600

Statement of Financial Position as at 31 December 2024

	Aba (GH¢’000)	Boafo (GH¢’000)
Non-current assets:
Property, plant & equipment	40,500	35,000
Investment in Boafo	20,400	–
	60,900	35,000
Current assets
Inventories	10,500	12,000
Trade and other receivables	20,000	2,500
Cash and cash equivalents	12,500	550
	43,000	15,050
	103,900	50,050
Equity
Share capital (GH¢1 per ordinary shares)	50,000	35,000
Retained earnings as at 31 December 2023	10,000	5,000
Retained earnings for year ended 31 December 2024	33,550	8,600
	93,550	48,600
Non-current liabilities
Long-term borrowings	5,600	800
Current liabilities
Trade and other payables	4,750	650
	10,350	1,450
	103,900	50,050

The following information is relevant:
i) The fair values of Boafo’s net assets were equal to their carrying amounts at the date of acquisition with the exception of a plant which was valued at GH¢4 million below its carrying amount. The remaining useful life for this plant is four (4) years and this period has not changed as a result of the acquisition. Depreciation of plant is on a straight-line basis and charged to cost of sales. The fair value of the plant has not been incorporated in the financial statements.
ii) In the post-acquisition period, Aba sold goods to Boafo at a total value of GH¢4.6 million. These goods cost Aba GH¢3 million. During the year, Boafo had sold GH¢2.5 million out of the GH¢4.6 million goods from Aba for GH¢3.2 million.
iii) On the first of July 2024, Aba received a grant from the Government in the form of a building. The value of this building was GH¢5 million with a useful life of 20 years. The Accountant of Aba who is not a Chartered Accountant credited the value of the building to revenue. It has been advised that the recognition of this transaction should be done in line with the provisions of IAS 20: Accounting for Government Grants and Disclosure of Government Assistance. It is the group’s policy to recognise grants relating to assets as deferred income.
iv) Aba’s policy is to value non-controlling interest at fair value at the date of acquisition. For this purpose, Boafo’s share price at that date can be deemed to be representative of the fair value of the shares held by the non-controlling interest.
v) Goodwill was reviewed for impairment at the end of the reporting period and had suffered an impairment loss equivalent to 10% of goodwill at acquisition which is to be treated as an operating expense.

Required:
Prepare for Aba LTD a Consolidated Statement of Profit or Loss for the year ended 31 December 2024 and a Consolidated Statement of Financial Position as at 31 December 2024.

Answer

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Tags: consolidated financial statements, Financial Position, Goodwill, IAS 20, IFRS 10, IFRS 3, Impairment, Intra-group Transactions, Non-Controlling Interest, Profit or Loss
Level: Level 2

Topic: Group Financial Statements and Consolidation
Series: MAR 2025

FR – Nov 2024 – L2 – Q1- Group Financial Statements

Preparation of the consolidated statement of profit or loss and statement of financial position for Yarkpawolo Group, including goodwill calculation and intra-group adjustments.

Question

Yarkpawolo LTD, a company in the healthcare industry, purchased 80% of the ordinary shares of Weah LTD on 1 January 2023. There are three elements to the purchase consideration: an immediate payment of GH¢1,400,000 and two further payments of GH¢100,000 on 31 December 2023 and GH¢120,000 on 31 December 2024 if the return on capital employed (ROCE) exceeds 15% in each of the financial years. All indicators have suggested that the ROCE for the company will be 17% and 16% for the financial years ending 31 December 2023 and 31 December 2024 respectively.

Yarkpawolo uses a discount rate of 10% in any present value calculations. The present value of GH¢ 1 receivable based on 10% are as follows:

Year	Present Value
1	0.909
2	0.826

The draft financial statements of both companies as at 31 December 2023 are as follows:

Statement of Profit or Loss for the year ended 31 December 2023

Yarkpawolo (GH¢’000)	Weah (GH¢’000)
Sales revenue	14,000
Cost of sales	(10,000)
Gross profit	4,000
Operating expenses	(2,050)
Profit before tax	1,950
Income tax expense	(450)
Profit for the year	1,500
Retained earnings brought forward	3,500
Retained earnings to statement of financial position	5,000

Statement of Financial Position as at 31 December 2023

Yarkpawolo (GH¢’000)	Weah (GH¢’000)
Non-current assets:
Property, Plant & Equipment	4,500
Patents	500
Investment in Weah	1,400
Total Non-current assets	6,400
Current assets:
Inventories	5,500
Trade and other receivables	2,000
Cash and cash equivalents	1,200
Total Current assets	8,700
Total Assets	15,100
Equity:
Share capital (GH¢0.20 per ordinary share)	1,500
General reserve	3,000
Retained earnings as at 31 December 2023	5,000
Total Equity	9,500
Non-current liabilities:
Long-term borrowings	1,600
Current liabilities:
Trade and other payables	4,000
Current portion of long-term borrowings	–
Total Liabilities	5,600
Total Equity and Liabilities	15,100

Additional Information:

Fair Value Adjustments on PPE:
- Property: Increase from GH¢200,000 to GH¢250,000 (Depreciation rate 10%)
- Plant: Increase from GH¢80,000 to GH¢100,000 (Depreciation rate 20%)
- Equipment: Decrease from GH¢120,000 to GH¢80,000 (Depreciation rate 20%)
- Weah has not adjusted its PPE values for the fair value assessment.
Intra-Group Trading:
- Since acquisition, Weah purchased GH¢50,000 worth of goods from Yarkpawolo. Half of these goods remained in inventory at year-end. Yarkpawolo makes a mark-up on cost of 25%.
- Yarkpawolo also purchased GH¢50,000 of goods from Weah, with one-third remaining in inventory. Weah sells at a margin of 20%.
Intercompany Balances:
- Yarkpawolo’s trade receivables include GH¢5,000 owed by Weah. The current accounts do not balance due to GH¢2,000 in transit from Weah.
Impairment:
- A goodwill impairment review identified a loss of GH¢100,000. No adjustment has been made yet.
Non-controlling Interest Valuation:
- Yarkpawolo values non-controlling interest at fair value at the acquisition date. The share price for Weah was GH¢0.75 per share.

Required:
Prepare for Yarkpawolo LTD:
(a) Consolidated Statement of Profit or Loss for the year ended 31 December 2023
(b) Consolidated Statement of Financial Position as at 31 December 2023

Answer

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Level: Level 2

Topic: Group Financial Statements and Consolidation
Series: Nov 2024

R – Nov 2020 – L2 – Q1a – Consolidated Statement of Profit or Loss

Prepare a consolidated statement of profit or loss for Kingdom Ltd and Paradise Ltd for the year ended 31 December 2019.

Question

Prepare the consolidated statement of financial position for Kingdom Ltd group as at 31
December 2019 (10 Marks)

Answer

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Tags: consolidated financial statements, Group Accounts, Profit or Loss
Level: Level 2

Topic: Group Financial Statements and Consolidation
Series: NOV 2020

FR – May 2020 – L2 – Q1a – Consolidated statement of profit or loss and OCI

Prepare a consolidated statement of profit or loss and other comprehensive income for Naa Ltd and its subsidiary, Shormeh Ltd, for the year ended 30 September 2019.

Question

Answer

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Tags: Consolidation, Group Financial Statements, Other Comprehensive Income, Profit and Loss
Level: Level 2

FR – May 2020 – L2 – Q1b – Consolidated Goodwill Calculation

Calculate the goodwill for the acquisition of Shormeh Ltd by Naa Ltd on 1st April 2019.

Question

Calculate the consolidated goodwill that arose on the acquisition date for Naa Ltd’s acquisition of Shormeh Ltd. (3 Marks)

Answer

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Tags: Acquisition, consolidated financial statements, Goodwill
Level: Level 2

Topic: Group Financial Statements and Consolidation
Series: MAY 2020

FR – May 2021 – L2 – Q1a – Calculation of Goodwill in Consolidation

Calculate goodwill for Abirem at acquisition and at reporting for a group financial statement consolidation.

Question

Tafo Group is a key player in the food processing industry made up only of Tafo Ltd (Tafo) and Abirem Ltd (Abirem). Below are the consolidated statement of comprehensive income of Tafo Group and the separate statements of comprehensive income of Tafo and Bonsu Ltd (Bonsu) for the year ended 31 December 2020.

Statements of Comprehensive Income for the Year Ended 31 December 2020

GH¢ Million	Tafo Group	Tafo	Bonsu
Revenue	116	90	25
Cost of Sales	(78)	(62)	(15)
Gross Profit	38	28	10
Distribution Costs	(7)	(5)	(1.6)
Administrative Expenses	(11)	(7.5)	(3.4)
Finance Costs	(8.5)	(2)	(0.5)
Investment Income	6	5.3	–
Profit Before Tax	17.5	18.8	4.5
Tax	(5.6)	(4.8)	(1.5)
Profit for the Year	11.9	14	3
Other Comprehensive Income
Gain on Revaluation (Net of Tax)	4.5	3.4	–
Total Comprehensive Income	16.4	17.4	3

Additional Information:

Tafo purchased 80% of the 10 million ordinary shares (all issued at GH¢2 each) of Abirem on 1 January 2020 when the balance of Abirem’s reserves was GH¢35 million. Tafo agreed to settle the consideration in two unconditional instalments as follows:
- Cash payment of GH¢33 million on 1 January 2021.
- Cash payment of GH¢30.25 million on 1 January 2022.
The policy of the group is to value any non-controlling interests at fair value. For this purpose, it was agreed to use the share price of Abirem as an approximation of its fair value. Abirem’s market capitalisation figures at 1 January 2020 and 31 December 2020 stood at GH¢70 million and GH¢75 million, respectively. The appropriate discount rate for Tafo is 10%. The required unwound discount has been included in the group’s (but not Tafo’s) finance costs.
On 1 January 2020, a fair value exercise was carried out on Abirem’s net assets. The results showed that the book value of the depreciable plant was higher than its fair value by GH¢4 million. Post-acquisition depreciation adjustment of GH¢0.8 million is required.
Tafo has held a 20% equity interest in Bonsu for several years. On 31 December 2020, an impairment loss of GH¢0.2 million was estimated for the investment in the associate. The group’s policy is to present the share of the associate’s profit before tax and share of the associate’s tax expense separately within the consolidated statement of comprehensive income. The investment income of the group shown above includes the group’s share of associate’s profit before tax (including the effects of the GH¢0.2 million impairment loss).
Sales from Abirem to Tafo occurring evenly throughout the year amounted to GH¢8 million. By 31 December 2020, Tafo had sold all these goods except for items worth GH¢1.8 million. Abirem applies a cost-plus 20% markup on all sales.
At 31 December 2020, it was concluded that 5% of the goodwill in Abirem had been impaired. The impairment has been charged to administrative expenses.
Assume that all the necessary consolidation adjustments are correctly included in the above consolidated statement of comprehensive income.

Required:
a) Calculate the goodwill in Abirem at acquisition and reporting.
(5 marks)

Answer

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Tags: Acquisition, Consolidation, Financial Reporting, Goodwill, Impairment
Level: Level 2

Topic: Group Financial Statements and Consolidation
Series: MAY 2021

FR – May 2021 – L2 – Q1c – Analysis of Consolidated Profit and Total Comprehensive Income

Provide an analysis of the consolidated profit and total comprehensive income attributable to non-controlling interest and parent equity holders.

Question

Show an analysis of consolidated profit for the period and total comprehensive income attributable to non-controlling interest and parent’s equity holders.
(5 marks)

Answer

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Tags: Consolidation, Non-Controlling Interest, Profit Attribution
Level: Level 2

Topic: Group Financial Statements and Consolidation
Series: MAY 2021

FR – Nov 2017 – L2 – Q1a – Group Financial Statements and Consolidation

This question tests candidates on the calculation of goodwill for an acquisition and the preparation of consolidated financial statements in accordance with IFRS.

Question

Spacefon Ltd (Spacefon), in its quest to gain dominance in the telecommunication industry, bought an 80% holding in the equity of Buzz and 40% of the equity shares of Kasapa Ltd (Kasapa) on 1 July 2017. The purchase price of the investment of Buzz Ltd (Buzz) was agreed at GH¢4,400 million, of which GH¢1,600 million was paid in cash. The remaining balance was paid by issuing 800 million equity shares each of GH¢1 nominal value to the seller at their then fair value of GH¢3.50 each. The 20% non-controlling interest in Buzz had a fair value of GH¢900 million at that date. Buzz’s net assets had a fair value of GH¢4,700 million on 1 July 2017. Spacefon applies the fair value method to calculate goodwill on acquisition.

The following statements of comprehensive income relate to Spacefon and its investee companies, Buzz and Kasapa.

Statements of Profit or Loss for the year ended 31 October 2017	Spacefon Ltd (GH¢ million)	Buzz Ltd (GH¢ million)	Kasapa Ltd (GH¢ million)
Revenue	4,428	2,448	1,530
Cost of Sales	(1,674)	(864)	(680.4)
Gross Profit	2,754	1,584	849.6
Operating expenses	(1,116)	(828)	(522)
Finance costs	(180)	(108)	(54)
Other income	32.4	–	–
Investment income	129.6	–	–
Profit before taxation	1,620	648	273.6
Taxation	(270)	(108)	(54)
Profit for the year	1,350	540	219.6
Other comprehensive income
Gains on revaluations of property	226.8	72	64.8
Total comprehensive income for the year	1576.8	612	284.4

Additional Information:

Included in the fair value of Buzz’s net assets on the acquisition date was some machinery owned by Buzz but carried at GH¢90 million below its fair value. The revised fair value was not incorporated into the books of Buzz, as Buzz has not adopted a policy of revaluing machinery assets. The useful economic life of this machinery at the acquisition date was estimated to be six years.
During the post-acquisition period, Buzz sold goods to Spacefon for GH¢50 million. These goods were sold by Buzz at a profit of 30 pesewas per GH¢1 on the sales price, and 40% of the goods remained in the inventory of Spacefon at 31 October 2017.
Since acquiring its investment in Buzz, Spacefon has managed the administration of the entire group. Spacefon invoiced Buzz GH¢4 million for its share of these costs. Spacefon recorded this transaction within “other income,” and Buzz recorded it within “operating expenses.”
The goodwill of Buzz was reviewed for impairment at 31 October 2017 and was found to have a recoverable amount of GH¢400 million. There was no impairment of the investment in Kasapa.
On 1 October 2017, Spacefon sold some land to Kasapa for GH¢12 million, recording a profit of GH¢8 million. This profit is included within “other income” in the books of Spacefon.

(Note: All calculations may be taken to the nearest GH¢0.01 million, and assume all expenses and gains accrue evenly throughout the year unless otherwise instructed.)

Required: a) Calculate the goodwill arising on the acquisition of Buzz by Spacefon, and the goodwill amount that should appear in the consolidated Statement of Financial Position of Spacefon as at 31 October 2017. (3 marks)

b) Prepare a Consolidated Statement of Profit or Loss account for Spacefon Group for the year ended 31 October 2017 in accordance with IFRS. (17 marks)

Answer

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Tags: consolidated financial statements, Goodwill, IFRS 10, Profit and Loss
Level: Level 2

Topic: Group Financial Statements and Consolidation
Series: NOV 2017

FR – Mar 2023 – L2 – Q1 – Group Financial Statements and Consolidation

Prepare the consolidated statement of financial position for Panin Group as of 31 December 2021, considering various acquisitions and intercompany transactions.

Question

Below are the financial statements of Panin, Kakra, and Tawia.

Additional information:

On 1 January 2021, Panin acquired 27 million equity shares in Kakra, transferring a parcel of land with a carrying value of GH¢90 million and fair value of GH¢96 million. The balances on Kakra’s retained earnings and revaluation reserves at this date were GH¢72 million and GH¢5.5 million respectively.
On 1 January 2021, Kakra’s internally developed brand had a fair value of GH¢11 million. The brand has an indefinite useful life, but at year-end its value-in-use was assessed at GH¢8 million.
On 1 July 2021, Panin also acquired 5 million equity shares in Tawia for GH¢32 million. Tawia earned post-acquisition profit of GH¢10 million after tax and revaluation gains of GH¢500,000.
In 2021, Kakra made intercompany sales to Panin for GH¢7.8 million, with a profit of 25% on cost, and GH¢1.2 million of these goods were in Panin’s inventory as at 31 December 2021. Kakra also sold to Tawia, and all goods remained in Tawia’s inventory.
Dividends payable were declared by Kakra and Tawia, but Panin has not yet taken credit for its share.
On 1 January 2021, Panin sold machines to Kakra for GH¢8 million, with a carrying value of GH¢6 million, depreciating them at 20% per annum.
Goodwill should be impaired by 10%.
Non-controlling interest should be valued at their proportionate share of fair value of the subsidiary’s identifiable net assets.

Required:

Prepare a consolidated statement of financial position for Panin Group as at 31 December 2021.

Answer

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Level: Level 2

Topic: Group Financial Statements and Consolidation
Series: MAR 2023

FR – April 2022 – L2 – Q1 – Group Financial Statements and Consolidation

Prepare consolidated statement of financial position for Stalky Ltd and its subsidiary Fanny Ltd as of 31 December 2020, including necessary adjustments.

Question

The following financial statements relate to Stalky Ltd and Fanny Ltd:

Additional information:
1. Stalky Ltd acquired 30 million ordinary shares of Fanny Ltd on 1 January 2019 when the book value of Fanny Ltd’s share capital (including preference share capital) plus reserves stood at GH¢58 million. The recorded investment includes GH¢1.5 million due diligence costs incurred by Stalky Ltd to facilitate its acquisition of Fanny Ltd. Stalky Ltd has no interest in Fanny Ltd’s issued preference shares.

2. Fair value exercise conducted at the time of Fanny Ltd’s acquisition revealed the following:

A piece of equipment with a carrying amount of GH¢10 million had an assessed fair value of GH¢16 million. Estimated remaining useful life: six years.
An in-process research and development project valued at GH¢5 million was identified. It started generating economic benefits a year ago and is expected to continue for four more years.
Deferred tax provision of GH¢1 million was required. By 31 December 2019, the provision required had reduced to GH¢0.9 million, and by 31 December 2020 had decreased further to GH¢0.7 million.

3. During the year, Stalky Ltd sold goods worth GH¢25 million to Fanny Ltd with a mark-up of one-third. At 31 December 2020, Fanny Ltd’s inventories included GH¢4.8 million of these goods. At 31 December 2019, Fanny Ltd’s inventories included GH¢3 million worth of goods purchased from Stalky Ltd at the same mark-up. Ignore deferred tax implications on these items.

4. The trade receivables of Stalky Ltd included GH¢8 million receivable from Fanny Ltd. This balance did not agree with the equivalent trade payable in Fanny Ltd’s books due to payment of GH¢2 million made on 30 December 2020 by Fanny Ltd to Stalky Ltd.

5. The group’s policy is to measure the non-controlling interests in subsidiaries at fair value. The fair value per ordinary share in Fanny Ltd at acquisition was GH¢1.50. Goodwill was impaired by 10% for the year ended 31 December 2019. A further impairment of 10% of the remaining goodwill is required in the current period. All impairment losses are charged to operating expenses.

Required:
Prepare the Consolidated Statement of Financial Position as at 31 December 2020 for Stalky Ltd Group.

Answer

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Level: Level 2

Topic: Group Financial Statements and Consolidation
Series: APR 2022

FR – Mar 2025 – L2 – Q1 – Consolidated Financial Statements

Prepare consolidated financial statements for Aba LTD, including adjustments for acquisition, intra-group sales, government grants, and impairment.

Question

Statement of Profit or Loss for the year ended 31 December 2024

	Aba (GH¢’000)	Boafo (GH¢’000)
Sales revenue	200,500	50,500
Cost of sales	(110,000)	(24,000)
Gross profit	90,500	26,500
Admin expenses	(50,300)	(15,700)
Finance cost	(1,200)	–
Profit before tax	39,000	10,800
Income tax expense	(5,450)	(2,200)
Profit for the year	33,550	8,600

Statement of Financial Position as at 31 December 2024

	Aba (GH¢’000)	Boafo (GH¢’000)
Non-current assets:
Property, plant & equipment	40,500	35,000
Investment in Boafo	20,400	–
	60,900	35,000
Current assets
Inventories	10,500	12,000
Trade and other receivables	20,000	2,500
Cash and cash equivalents	12,500	550
	43,000	15,050
	103,900	50,050
Equity
Share capital (GH¢1 per ordinary shares)	50,000	35,000
Retained earnings as at 31 December 2023	10,000	5,000
Retained earnings for year ended 31 December 2024	33,550	8,600
	93,550	48,600
Non-current liabilities
Long-term borrowings	5,600	800
Current liabilities
Trade and other payables	4,750	650
	10,350	1,450
	103,900	50,050

Required:
Prepare for Aba LTD a Consolidated Statement of Profit or Loss for the year ended 31 December 2024 and a Consolidated Statement of Financial Position as at 31 December 2024.

Answer

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Level: Level 2

Topic: Group Financial Statements and Consolidation
Series: MAR 2025

FR – Nov 2024 – L2 – Q1- Group Financial Statements

Preparation of the consolidated statement of profit or loss and statement of financial position for Yarkpawolo Group, including goodwill calculation and intra-group adjustments.

Question

Yarkpawolo uses a discount rate of 10% in any present value calculations. The present value of GH¢ 1 receivable based on 10% are as follows:

Year	Present Value
1	0.909
2	0.826

The draft financial statements of both companies as at 31 December 2023 are as follows:

Statement of Profit or Loss for the year ended 31 December 2023

Yarkpawolo (GH¢’000)	Weah (GH¢’000)
Sales revenue	14,000
Cost of sales	(10,000)
Gross profit	4,000
Operating expenses	(2,050)
Profit before tax	1,950
Income tax expense	(450)
Profit for the year	1,500
Retained earnings brought forward	3,500
Retained earnings to statement of financial position	5,000

Statement of Financial Position as at 31 December 2023

Yarkpawolo (GH¢’000)	Weah (GH¢’000)
Non-current assets:
Property, Plant & Equipment	4,500
Patents	500
Investment in Weah	1,400
Total Non-current assets	6,400
Current assets:
Inventories	5,500
Trade and other receivables	2,000
Cash and cash equivalents	1,200
Total Current assets	8,700
Total Assets	15,100
Equity:
Share capital (GH¢0.20 per ordinary share)	1,500
General reserve	3,000
Retained earnings as at 31 December 2023	5,000
Total Equity	9,500
Non-current liabilities:
Long-term borrowings	1,600
Current liabilities:
Trade and other payables	4,000
Current portion of long-term borrowings	–
Total Liabilities	5,600
Total Equity and Liabilities	15,100