Discuss the components of consolidated financial statement. What is the purpose of consolidated financial statements? Provide...
Discuss the components of consolidated financial statement. What is the purpose of consolidated financial statements? Provide an example.
Homework Answers
Ans: * Components of consolidated financial statement :
The consolidated financial statements comprise the statement of financial position, the income statement and statement of comprehensive income, the statement of changes in equity, the statement of cash flows and the notes, which include the segment information.
*The purpose of consolidated financial statements is to present, primarily for the benefit of the owners and creditors of the parent, the results of operations and the financial position of a parent and all its subsidiaries as if the consolidated group were a single economic entity.
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Discuss the components of consolidated financial statement. What
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