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Consolidated financial statements are prepared to present the financial position and results of a parent and its subsidiaries to enable interested parties to gauge the overall health, performance and prospects of a group of companies under the control of the parent.
The parent must, therefore, publish a set of consolidated financial statements, which combines the assets, liabilities, revenue and expenses of the parent and all its subsidiaries as though the group is a single entity.
This sixth edition of Consolidated Financial Statements is updated to include, amongst others, an examination of the implications arising out of the revised FRS 3 Business Combinations, and the revised FRS 127 Consolidated and Separate Financial Statements.
In addition, it also provides accounting guidance on corporate changes structured in terms of business acquisitions and corporate restructuring. Also discussed are back-door listings, reverse takeovers and mergers of equals that require an acquirer to be identified regardless of the legal structure.
The other significant additions to the sixth edition include more detailed discussions on the "reverse acquisition accounting" and the application of the "functional currency" and the "presentation currency" concepts in the measurement and translation of foreign operations.