Description

Consolidated financial statements or the Group accounts is an integral part of corporate reporting in a group of companies. It is a critical statement as it can provide a macro and comprehensive view of a group’s financial position by combining financial data from all its subsidiaries and merge it to the parent company for reporting purposes.

There are considerable challenges when preparing group consolidated financial statements, in particularly with the changes in the controlling and non-controlling interests, profit allocation and goodwill.

Having a sound basic understanding of the whole group consolidation process and subsequent events is critical to display a clear insight into the group financial performance and fulfilling the MFRS reporting requirements.