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The Development of Practices for the Preparation of Consolidated Financial Statements

Author

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  • Lilyana Kamburova

    (University of National and World Economy, Sofia, Bulgaria)

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.

Suggested Citation

  • Lilyana Kamburova, 2020. "The Development of Practices for the Preparation of Consolidated Financial Statements," Ikonomiceski i Sotsialni Alternativi, University of National and World Economy, Sofia, Bulgaria, issue 1, pages 123-133, March.
    • Handle: RePEc:nwe:iisabg:y:2020:i:1:p:123-133
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    More about this item

    Keywords

    IFRS; business combinations; consolidated financial statements;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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