The Development of Practices for the Preparation of Consolidated Financial Statements

Lilyana Kamburova
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Lilyana Kamburova: University of National and World Economy, Sofia, Bulgaria

Ikonomiceski i Sotsialni Alternativi, 2020, issue 1, 123-133

Abstract: 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.

Keywords: IFRS; business combinations; consolidated financial statements (search for similar items in EconPapers)
JEL-codes: M41 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:nwe:iisabg:y:2020:i:1:p:123-133

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