Consolidated (Group) Financial Statements Services
Who Has to Present Consolidated (Group) Financial Statements
Under FRS110, when a parent is an entity that controls another, a parent is required to present consolidated financial statements.
However, a parent company is exempted from consolidated financial statement if one of following criteria is met:
- Exemption under FRS110.4(a), or
- Exception: Parent company that qualifies as ‘Investment entity.
Note:
FRS110.4(a)
- Y is wholly owned by X, or NCI in Y do not object
- Y is not listed
- Y is not in the process of being listed, and
- X produces consolidated financial statements in accordance with SFRS(1) or FRS and available for public use.
Investment Entity
- obtains fund from one or more investors for purpose of providing those investors with investment management services
- commits to its investors that its business objective is to invest funds solely for returns from capital appreciation and/or investment income
- measures and evaluate substantial all of its investment on a fair value basis.
What can we offer:
- Consolidated management accounts, including consolidated balance sheet, income statement and working paper
- Unaudited consolidated financial statements
