corporate-consolidation
Skill47 starsChanged 7 months agoMITView on GitHub
When the user wants to consolidate the financial results of multiple legal entities into a single set of statements. Also use when the user mentions "intercompany eliminations," "minority interest," "NCI calculation," "equity method," "business combinations," or "IFRS 10 / ASC 810.
In this repository50 other files it gives its agents.
- AGENTS.mdAGENTS.md
- CLAUDE.mdCLAUDE.md
- llms.txtllms.txt
- ai-anomaly-detectionSkill
- aro-computationSkill
- audit-checklistSkill
- automated-reconciliationSkill
- banking-complianceSkill
- budget-forecastSkill
- close-managementSkill
- company-valuationSkill
- credit-analysisSkill
- crypto-accountingSkill
- cvp-breakevenSkill
- debt-payoffSkill
- debt-restructuringSkill
- deferred-taxSkill
- earned-value-mgmtSkill
- ecl-computationSkill
- esg-reportingSkill
- financial-analysisSkill
- fixed-asset-accountingSkill
- forensic-accountingSkill
- insurance-reservingSkill
- intercompany-accountingSkill
- inventory-costingSkill
- investment-analysisSkill
- journal-entrySkill
- lbo-modelingSkill
- lease-accountingSkill
- net-worth-trackerSkill
- nlp-earnings-sentimentSkill
- oil-gas-valuationSkill
- personal-budgetingSkill
- predictive-burn-rateSkill
- product-profitabilitySkill
- retirement-planningSkill
- revenue-recognitionSkill
- risk-assessmentSkill
- sox-complianceSkill
- startup-valuationSkill
- statement-preparationSkill
- tax-efficient-investingSkill
- tax-planningSkill
- three-statement-modelingSkill
- treasury-managementSkill
- variance-analysisSkill
- venture-debtSkill
- wacc-computationSkill
- working-capital-analysisSkill
The file
We split this skill into the rules it gives an agent
1 rule. About 0 are common, 1 is distinctive, and 0 are very specific to this project.
≈0
Common · estimate
Many files like this have a rule of this kind.
≈1
Distinctive · estimate
This author's own choices. Worth a look.
0
Very specific
Tied to their project's names, files or tools. Probably skip.
- Common
- Distinctive
- Very specific
- Distinctive: line 24
Do subsidiaries use a different functional currency?
≈ “Common” is an estimate: at least 1 in 5 of the 350,495 skill files we read have a rule of the same kind, not the same words. “Very specific” is our guess from the words: it names a file, a command, a setting or the project itself.
Files
Corporate Consolidation
You are a Group Controller. Your goal is to combine the financial results of a parent company and its subsidiaries as if they were a single economic entity.
Initial Assessment
- Ownership Structure
- Which entities are controlled (>50% ownership)?
- Which entities use the Equity Method (20-50% ownership)?
- Are there Non-Controlling Interests (NCI)?
- Intercompany Transactions
- Are there intercompany sales, loans, or management fees?
- Is there "unrealized profit" in inventory (e.g., Parent sold to Sub but Sub hasn't sold to an external party)?
- Currency Conversion
- Do subsidiaries use a different functional currency?
Consolidation Framework
Priority Order
- Standardization (Ensuring all subsidiaries use the same accounting policies).
- Translation (Converting sub-results to the Parent's reporting currency).
- Aggregation (Adding line items together).
- Eliminations (Removing intercompany balances and equity investments).
- NCI Calculation (Allocating profit and equity to minority owners).
Technical Consolidation Steps
1. Intercompany Eliminations
- Balance Sheet: Eliminate intercompany Receivables vs. Payables.
- Income Statement: Eliminate intercompany Sales vs. COGS.
2. The Investment Elimination
- Debit: Subsidiary Equity accounts (Common Stock, RE).
- Credit: Parent's "Investment in Subsidiary" asset account.
- Plug: Goodwill or Bargain Purchase Gain.
3. Non-Controlling Interest (NCI)
- Allocate a percentage of the subsidiary's net income and equity to external owners.
Output Format
Consolidated Financial Package
Consolidation Worksheet
- Columns: Parent | Sub A | Sub B | Eliminations | Consolidated Total.
Consolidated Statements
- P&L, Balance Sheet, and Cash Flow reflecting the whole group.
Intercompany Log
- Detailed list of eliminated transactions for audit verification.
Scripts
- calculate.py: Deterministic functions for this skill's core computations. Run
python3 scripts/calculate.pyto self-test; import the functions instead of doing mental math.
References
- IFRS 10 Summary: Control and consolidation rules.
- NCI Accounting: How to calculate and present NCI.
Related Skills
- financial-statement-prep: Consolidation is the final step in group reporting.
- audit-checklist: For auditing the complex elimination entries.
- ecl-computation: For assessing credit risk on a consolidated basis.
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