A Consolidated Balance Sheet, or Consolidated Statement of Financial Position, summarizes the financial status of a parent company and its subsidiaries as a single economic entity.
A consolidated cash-flow statement provides a comprehensive overview of cash inflows and outflows from a group of entities, combining individual cash-flow statements subject to various consolidation adjustments for accurate financial reporting.
A consolidated income and expenditure account amalgamates the financial information from individual income and expenditure accounts of a group of organizations into a single, comprehensive financial document, adjusted for any necessary consolidation adjustments.
Adjustments made in the process of consolidating the accounts of a group of organizations, ensuring the elimination of intra-group transactions' profits or losses from consolidated financial statements.
Intercompany transactions, also known as intragroup transactions, refer to the exchanges of goods, services, or charges between companies within the same corporate group. For the purposes of preparing consolidated financial statements, these transactions must be eliminated or adjusted to accurately reflect the group's transactions with external parties.
