Consolidated and Separate Financial Statements – Introduction
Here are the circumstances defined in which an entity applying IFRS in summary presents consolidated financial statements and what the procedures are for preparing those statements in accordance with IFRS in summary.
Consolidated and Separate Financial Statements includes guidance
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Consolidated financial statements provide information about the assets, liabilities, equity, income and expenses of both the parent and its subsidiaries as a single reporting entity.
That information is useful for existing and potential investors, lenders and other creditors of the parent in their assessment of the prospects for future net cash inflows to the parent. This is because net cash inflows to the parent include distributions to the parent from its subsidiaries, and those distributions depend on net cash inflows to the subsidiaries.
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