Open AccessРазвитие на практиките при изготвяне на консолидирани финансови отчети (The Development of Practices for the Preparation of Consolidated Financial Statements)
Publication year - 2020
Publication title -
ikonomičeski i socialni alternativi/ikonomičeski i socialni alternativi
Language(s) - English
Resource type - Journals
eISSN - 2534-8965
pISSN - 1314-6556
DOI - 10.37075/isa.2020.1.11
Subject(s) - financial statement analysis , statement of changes in financial position , accounting , consolidation (business) , financial ratio , financial analysis , business , financial statement , accounting management , balance sheet , income statement , equity (law) , finance , substance over form , position (finance) , accounting standard , political science , accounting information system , audit , law
The main source of information on the financial and economic position of a group of companies is the consolidated financial statement. Thus, the consolidated financial statements aim to fulfill the information requirements of both external and internal parties of the group. The article examines the consolidated financial statements in two aspects. The first one is the emergence of the need for consolidated financial statements and their step-by-step regulation and standardization. The second aspect is the practical application of the current regulatory framework in the preparation of the consolidated financial statements at the end of the reporting period. The article summarizes and illustrates the main consolidation procedures in the preparation of consolidated financial statements (consolidated statement of financial position, consolidated statement of profit or loss and other comprehensive income and consolidated statement of changes in equity) at the end of the reporting period.