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09-Apr-2020 14:37

Most groups are owned and controlled by a common holding company called the parent.The parent, in turn, controls one or more subsidiary companies (subsidiaries).This is because these financial statements provide an aggregated look at the financial position of a company and its subsidiaries. Estimate the balance carried forward on consolidated retained earnings. Estimate the balance carried forward on consolidated reserves.Purpose of consolidated financial statements The key purpose of preparing consolidated financial statements is reporting the financial condition and operating result of a consolidated business group, which is considered as a single entity comprised of more than one companies under a common control (also counting entities other than “companies”) General principles of consolidated financial statements The general principles involved in consolidated financial statements are: 1. Prepare the consolidated financial statement, the statement of financial position and the consolidated statement of comprehensive income.We also need to appreciate the important legal distinction between the various different companies in a group, and the group as a whole. Different sets of accounts are used for different purposes.The individual accounts show the position and the performance of each individual company, but not the group as a whole.According to IAS 27 "Consolidated and separate financial statements", consolidated financial statements are the financial statements of a group presented as those of a single economic entity.

Checklist for preparation of consolidated financial statements 1.

▼ See maintenance support Click here for more details We provide services to reduce our clients' workload and cost by corresponding to all operation including non-consolidated accounting, consolidated accounting, and disclosure.

One of the challenges Groups face is consolidating monthly accounts.

▼ See products DIVA provides consulting services for IFRS introduction, accelerating and streamlining individual/consolidated financial closings, and support for overseas deployment, etc.

In the area of business management, our professional staff with vast knowledge provides effective services including budgeting, target/forecast management, consolidated cost management, aggregating accounting data from group companies, and researching overseas subsidiaries, etc.

Checklist for preparation of consolidated financial statements 1.

▼ See maintenance support Click here for more details We provide services to reduce our clients' workload and cost by corresponding to all operation including non-consolidated accounting, consolidated accounting, and disclosure.

One of the challenges Groups face is consolidating monthly accounts.

▼ See products DIVA provides consulting services for IFRS introduction, accelerating and streamlining individual/consolidated financial closings, and support for overseas deployment, etc.

In the area of business management, our professional staff with vast knowledge provides effective services including budgeting, target/forecast management, consolidated cost management, aggregating accounting data from group companies, and researching overseas subsidiaries, etc.

In addition, we provide outsorcing services of all operation by financial and accounting departments or server maintenance.