The goals and objectives of drawing up the consolidated financial statements

Abstract

The final stage of the accounting process of a business entity is the reporting, which is a system of indicators characterizing its business and financial activities. The degree of generalisation of accounting data distin-guish reports primary and summary. Consolidated financial statements is a system of indicators reflecting the financial position at the reporting date and financial results for the reporting period of the group of interrelated organizations that are legal entities. «Consolidation» is the Union of ele-ments according to certain criteria. The need for consolidation arises when in real economic life, the integration of the businesses. The reasons why objects appear to the consolidated financial statements, very different. The company acquires other partnership or company with the aim of expand-ing the scope of its activities or income from investments, elimination of competitors, etc.