consolidated accounts

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consolidated accounts

the aggregate accounts of a group of companies. A consolidated BALANCE SHEET is compiled by adding the assets and LIABILITIES of all companies in the group, after making allowance for any amounts that companiesin the group owe to one another. A consolidated PROFIT-AND-LOSS ACCOUNT is prepared by adding the SALES REVENUES and COSTS of all companies in the group, after deducting the effects of any sales between companies within the group. The claims of any MINORITY INTERESTS in group assets and profits must also be allowed for.

Preparation of consolidated accounts for a MULTINATIONAL ENTERPRISE with subsidiary companies in several countries is complicated by the need to translate the accounts of these subsidiaries, expressed in terms of their local currencies, into the domestic currency of the parent company (see FOREIGN CURRENCY TRANSLATION, EXCHANGE RATE EXPOSURE). See HOLDING COMPANY.

References in periodicals archive ?
We have to consider that the regulatory texts on the consolidation, offer the companies a large number of options, comparable to the regulations on the annual accounts, a generosity that raises great difficulties to the financial analysts and to the external users of the consolidated accounts if they are not accompanied by a series of mandatory information on the accounting choices made by the group.
Those entities that must use IAS for consolidated accounts will be forced to use IAS for subsidiary consolidation reporting accounts (as opposed to statutory accounts), since the subsidiary IAS accounts are a prerequisite to consolidating such accounts.
Comprehensive report comparing the previous year to the Management Board (Board of Directors) on the annual financial statements of consolidated accounts, the accounts of the GVBS, the fire protection fund and Aedificura AG.
Under the terms of this new Directive, all companies (listed or not) will have to disclose all off-balance sheet arrangements, including their financial impact, in notes to the annual and consolidated accounts.
THE EUROPEAN Parliament has agreed changes to the European Union rulebook on annual and consolidated accounts, toughening companies' requirements to fight fraud and irregularities, while exempting many smaller businesses from some demands.
On 7 June the EU adopted a regulation that requires all listed European companies to prepare their consolidated accounts for financial years commencing on or after 1 January 2005 under IAS.
The new TotalFinaElf Board of Directors, chaired by Thierry Desmarest, met on March 28 to review the 1999 consolidated accounts of TotalFina and Elf Aquitaine as well as the TotalFinaElf pro forma accounts for 1997, 1998 and 1999.
Express an opinion on whether the consolidated accounts comply with legal provisions and give a true and fair view of the assets, liabilities, financial position and profit or loss included in the consolidation taken as a whole and whether the consolidated annual report is consistent with the consolidated accounts.
The Scottish Government continues to manage its budget resources effectively, Consolidated Accounts published today show.
THE EUROPEAN Parliament has agreed changes to The European Union's (EU) rule-book on annual and consolidated accounts, toughening companies' requirements to fight fraud and irregularities, while exempting a large number of smaller businesses from many demands.
IFRS 2 requires, for the first time, listed companies to reflect in their consolidated accounts the effects of share-based payment transactions, including expenses associated with transactions in which share options are granted to management and employees.

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