Preparation of the Consolidated Statement of Financial Position part 1

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Preparation of the Consolidated Statement of Financial Position

• Consolidation is the process of adjusting and combining financial information from the individual financial statements of a parent undertaking and its subsidiary undertakings to prepare consolidated financial statements that present financial information for the group as a single economic entity.

• the Consolidated Statement of Financial Position reflects the assets and liabilities within the control of the parent entity, and how they are owned.

• defined by IAS 27 Consolidated Financial Statements and Accounting for Investments in Subsidiaries, consolidated financial statements are “the financial statements of a group presented as those of a single entity”.


Comments

  1. avatar says

    I will suggest that the teacher who is teaching F3 and cover Consolidated SFP is the best teacher to teach F7 as well ,….and also if all of you watch F3 concern lecture on Consolidated SFP and IS will be hlep ful to understand him ….:)

    • Avatar of MikeLittle says

      Thank you for the suggestion Amin – I’ll forward your thoughts to John who teaches F3. Maybe he’ll want to cover P2 as well. I’ll put it to him and, if his reply is printable, I’ll post it on the site :-)

      • avatar says

        Love you Mike, but i’m use to John on my computation lectures (F5 and F9). was looking forward for you on the Audit paper (f8) and him on this one.
        Mike i really wish you were on f8 to make it more lively.
        Looking forward to the rest of the F7 lectures.

  2. Avatar of sab says

    So we could really use abbreviations during exam?..
    That would be really time efficient. because I am slow writer.
    and we dont need to beautify the paper with black underlines dont we …. no… ts time consumng

  3. avatar says

    Goodness me… this tutor is so funny! Classic school master irony… I’ve already completed my studies for F7 but that was two years ago and it is great to be able to go back over that which was learnt back then

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