Consolidated financial statements

    when should financial statements be consolidated
    when should consolidated financial statements be prepared
    when to prepare consolidated financial statements
    who needs to prepare consolidated financial statements
  • When should financial statements be consolidated

    • Consolidated financial statements pdf

  • Consolidated financial statements pdf
  • How to prepare consolidation of financial statements with examples
  • Consolidated financial statements example
  • Exemption from consolidation of financial statements
  • Unconsolidated financial statements

    • Consolidated financial statements example!

    12.2 Requirements to prepare consolidated financial statements

    Publication date: 30 Jun 2023   

    us IFRS & US GAAP guide

    The requirements for consolidated financial statements are fairly similar under both frameworks.

    Neither IFRS Accounting Standards nor US GAAP provide for the consolidation of a pension plan by its sponsor. In addition, both have provisions that prevent the consolidation of many investment entities.

    Purpose of consolidated financial statements

    IFRS Accounting Standards do not provide industry-specific exceptions to the requirement for consolidation of controlled entities, with the exception of specific guidance for investment entities. In addition, in limited circumstances, IFRS Accounting Standards may be more flexible with respect to the ability to issue nonconsolidated financial statements (i.e., parent-only, separate financial statements).

    US GAAP

    IFRS Accounting Standards

    Absent a scope exception, any legal entity—regardless of its legal form and the scope of its activities—may be subject to consolidation under ASC 810.

    The guidance applies to l

      when to do consolidated financial statements
      who is required to prepare consolidated financial statements