Consolidation of a company with foreign subsidiaries

Dénes Dalma Anna (2020) Consolidation of a company with foreign subsidiaries. Pénzügyi és Számviteli Kar.

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Absztrakt (kivonat)

In my thesis I am presenting the main steps of consolidation through the example of Tresorit Kft, which is a Hungarian SME company having three subsidiaries based in different countries. This entity can show an extraordinary and interesting situation on the market, where the mother company is Hungarian, the subsidiaries are German, Swiss and American. Twoo university students just finishing their studies in Budapest University of Technology and Economics, bringing in their third friend and some fellow students from the school, on 16th of September 2011 in Hungary established Tresorit Kft.  Namely by István Lám Chief Executive Officer, Szilveszter Szebeni Chief Information Officer and György Szilágyi Chief Product Officer. It provides a service as a cloud based encrypted but user-friendly file storage and file sharing application for private and business users. Tresorit (called same as the company) is an easy-to-use, secure and to make the user’s experience as smooth as possible, Tresorit also comes with a so-called synchronization service which automatically uploads every change of the user’s files to the cloud and also downloads every change if the file was modified on another device. As Tresorit targets for business customers, it not only transfers data between a user’s devices but Tresorit encourages collaboration heavily, meaning it is capable to provide the same functionalities and security guarantees even if multiple users are working on the same files. The base of the consolidated financial reports, the bare minimum is correctly closed book-keeping data between the participants of the partnership, the group of companies. Year-end audit of the consolidated statements of the company is based on the mother company’s country’s obligation, Hungary in this case. The German and the Swiss entity have external accountants whose work is based on their countries’ regulations. The aim of consolidated financial report is to merge the performance of the mother company and all of its subsidiaries. It shows the result of the assets, liabilities and equity of the whole as it would be one company. Consolidation can be done by the financial reports of the mother company and the affiliates. The first step of it is to gather every information we need for prepare a financial statement.   To choose the appropriate IT system is also crucial for the smooth process of book-keeping. Tresorit Kft is working with Microsoft Dynamics Navision system, which is one of the many Enterprise Resource Planning systems on the market. It is able to handle different   financial years and currencies. Specifically, for consolidation it can export financial data into one group company level financial statement. This is the base of how they try to automatize as many steps of consolidation as we can. There are three main parts of consolidation, which I can present with a real-life examples: ·         capital consolidation Tresorit Kft has GmbH as its subsidiary. The subscribed capital of the German company is 25.000 € but the share of Kft. is 28.5000 € so, the ownership is 100%,. Therefore, a difference arises which the profession calls a goodwill. It is going to be included on the joint account where the transactions have been led to. For this reason, the consolidated financial report will contain it. ·         debt consolidation An example for debt consolidation is, that Tresorit AG provided loan for Tresorit Kft, which is going to be included in Tresorit Kft as a liability.   ·         intercompany transactions Last, but not least is the elimination of the IC transactions, which appears in this company group as the net sales revenue of Tresorit GmbH will be invoiced to Tresorit Kft, where it is going to be booked as a cost of service used. A service consumed for Tresorit AG from Tresorit Kft will be eliminated with the same account as Tresorit Kft invoiced service to the Swiss affiliate.  The process can be the most effective if every information needed for the reports are available, therefore the optimal consolidation requires the same visibility inside the business besides the external factors.  

Intézmény

Budapesti Gazdasági Egyetem

Kar

Pénzügyi és Számviteli Kar

Tanszék

Pénzügy Tanszék

Tudományterület/tudományág

NEM RÉSZLETEZETT

Szak

Pénzügy és Számvitel

Mű típusa:	diplomadolgozat (NEM RÉSZLETEZETT)
Kulcsszavak:	accounting, accounting information systems, consolidation, controller, subsidiaries
SWORD Depositor:	Archive User
Felhasználói azonosító szám (ID):	Archive User
Rekord készítés dátuma:	2021. Már. 01. 13:46
Utolsó módosítás:	2021. Már. 01. 13:46

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