Consolidation is the process of combining the individual financial statement data of relevant companies in order to prepare ‘Consolidated Financial Statements (CFS) ‘ for the group to show it’s financial position as a single business entity. The consolidated financial statements include the financial statements of the company and enterprise controlled by it. its subsidiaries and the share in profits of associates.
The process at high level involves performance of tasks such as
- Inter-unit eliminations of receivables, payables, revenues, expenses etc.
- Consolidation of investments and accounting for the minority interest
- Translations of the statements under relevant currencies
- Reports generation
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Overview of ECCS