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Value Relevance of IAS 27 (2003) Revision

197

Appendix A

Exhibit 1
Illustrations on reporting of non-controlling interest in consolidated
nancial statements under parent company theory and economic unit
theory:

Table A1. Illustrative Consolidated Financial Statements (Parts Only)


Panel A: Parent company theory
Prot before taxation
Taxation

$
50
(17)
33

Non-controlling interest
Prot for the year

Panel B: Economic unit theory

Entity Theory

Prot before taxation


Taxation

$
50
(17)

Prot for the year

$33

(8)
$27
25

Attributable to:
Shareholders of the parent
Non-controlling interest

25
27
8
$33

$
Capital and reserves
Share capital
Reserves
Retained earnings

100
20
90

Total equity

210

Mezzanine
Non-controlling interest
Total liabilities
Total equity and liabilities

ROE = PAT/EQ = 25/210


=11.90%

15
75
$300

$
Capital and reserves
Share capital
Reserves
Retained earnings

100
20
90

Equity attributable to
shareholders of the parent
Non-controlling interest

210

Total equity

225

Total liabilities

75

Total equity and liabilities

15

$300

ROE = PAT/EQ = 33/225=14.67%

r 2009 Blackwell Publishing Ltd.

198

Stella So and Malcolm Smith

Exhibit 2
Illustrations on measurement of goodwill in consolidated nancial
statements under parent company theory and economic unit theory:
Table A2. Background Information: Parent Ltd Purchases 80% of Subsid
Ltds Common Shares for $500,000 When Subsids Net Assets Have a Fair
Value of $400,000
At acquisition
Purchase price of 80%
interest in Subsid
Implied/imputed value of 100%
interest ($500,000/80%)
Fair value of net assets of subsidiary
80% of fair value of Subsids
net assets ($400,000  80%)
Goodwill

Panel A: Parent
company theory

Panel B: Economic
unit theory

$
500,000

$
625,000
400,000

320,000
$180,000

Implied/imputed full goodwill

Consolidated balance sheet


(parts only)
Assets
Goodwill
Equity
Non-controlling interest

500000(100/80
)

$225,000
($45,000 of $225,000 to
allocate to noncontrolling interest)

$180,000

$225,000
to include $45,000 being
goodwill allocated to noncontrolling interest

For more information refer the full paper refer:


Journal of International Financial Management and Accounting 20:2 2009

Value Relevance of IAS 27 (2003) Revision on Presentation of NonControlling Interest:


Evidence From Hong Kong

Stella So: Department of Accountancy and Law, Hong Kong Baptist University, Kowloon Tong, Hong
Kong, e-mail: stellaso@hkbu.edu.hk

Malcolm Smith: School of Accounting, Finance & Economics, Edith Cowan University, 270
Joondalup Drive,
Joondalup, WA 6027, Australia, e-mail: Malcolm.smith@ecu.edu.au

r 2009 Blackwell Publishing Ltd.