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(142)-THE REQUIRED TO CONSOLIDATE

Thursday, April 1, 2010

The Required To Consolidate

Financial reporting standards (FRS) require a parent undertaking to prepare consolidated financial statements for its group unless it uses one the exemptions available in the standard.

Consolidation is defined as:

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

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