Presenting consolidated financial statements this year when statements of individual companies were presented last year is a. a correction of an error. b. an accounting change that should be reported prospectively. c. not an accounting change. d. an accounting change that should be reported by restating the financial statements of all prior periods presented.

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09-12-2022
Business

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Presenting consolidated financial statements this year when statements of individual companies were presented last year is a. a correction of an error. b. an accounting change that should be reported prospectively. c. not an accounting change. d. an accounting change that should be reported by restating the financial statements of all prior periods presented.

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varshamittal029 varshamittal029 · Answer 1 · 2022-12-16T03:20:04-05:00

The financial statements of a business having numerous divisions or subsidiaries are called consolidated financial statements. Companies frequently refer to the aggregated reporting of their entire firm together when using the term "consolidated" in financial statement reporting.

Consolidated financial statement reporting, on the other hand, is defined by the Financial Accounting Standards Board as the reporting of an entity that is organized with a parent company and subsidiaries. While public firms must disclose financials in accordance with the Financial Accounting Standards Board's Generally Accepted Accounting Principles, private entities have very few reporting responsibilities (GAAP). When a corporation reports on a global scale, it must also adhere to the International Financial Reporting Standards set out by the International Accounting Standards Board (IFRS).

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