Consolidated Statement Homework Help
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A company or firm has many subsidiaries that work for them. The financial statement from each subsidiary affects the firm in some manner of profit and loss. The parent firm needs to look after them at the end of each financial period and make alterations if required. Consolidated statements are the accumulated financial statements of the parent as well as the subsidiary firms. The experts from our consolidated statement homework help team, who have worked in parents and subsidiary firms suggest that these consolidated statements provide an aggregated look at their financial position.
Introduction to consolidated statements
The overall accounting figure of whatever subsidiaries a firm manages is installed in a single document is is called as consolidated financial statement. It defines the complete health of the overall group of companies a firm is looking after. The intimation of reporting results with financial conditions of the firm is the main purpose of preparation of consolidated financial statements under a common control. The general principles compiled by our consolidated statement homework help team are as follows
1. The business faction’s true and fair pictures related to any financial notion of the firm.
2. Based on many legal entities the consolidated financial statement of a firm is made but for preparation of subsidiaries financial statements, rules are defined by GAAP.
3. All the parties related to the business need the clear view of the firm’s position. The consolidated financial statements avoid any mislead for the concerned parties.
4. The policies generated for making consolidated financial statements should be relevant and should not be changed without proper reasons.
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Checklist for preparation of consolidated financial statements
The following notions are needed to be considered before preparing a consolidated statement homework help
• Group holdings are to be estimated to establish each entity’s estimate
• Before hand it is required to intimate the fair value of the assets owned by the firm and net assets owned by the subsidiary
• Estimation of goodwill arising on acquisition
• If any intra group activity is there, it should be considered
• The balance carried forward from the previously retained earnings should be estimated
• Even the balance carried forward over consolidated reserves is to be maintained.
The consolidated financial statements are incomplete without the following two important observations.
1. Consolidated statement of income: any income and expense activity away from the economic entity is represented by consolidated financial statements. If a parent firm earns revenue and that serves as an expense for the subsidiary firm then it is not considered in the consolidated financial statement because the net change will be zero. This is done to avoid over inflating revenues. Our consolidated statement homework help team is dedicated to follow up the work.
2. Consolidated balance sheet: A few of the account receivable balances and account payable balances are omitted from the consolidated balance sheet as they are related to the money owed to and from either the parent or the subsidiary firm. The purpose is same as shown in the income statements i:e; as the net income is zero.
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