Consolidation of accounting statements
Consolidated accounting statements represent integration of the accounting statements relating to two or more corporations with distinct legal entities but which pertain to the same economic unit. An economic unit is the total of assets pertaining to one person or group of people with an specific objective; it can be spread in various units with different legal entities among them.
When a company adopts a policy of segregating the economic unit spread over several operational units with different legal entities, it can only report its assets and financial standing and its results through consolidated statements, adding operating information of all entities of the economic unit, as if there was no segregation.
The different companies linked to the same economic unit - group of companies or group of corporations - form a set of economic activities which are usually complementary. Thus, the goal of consolidated accounting statements is to show owners, shareholders, creditors and other people interested the financial standing and results of operations of controller and controlled companies, as if this group was a single company with one or more branches, departments or divisions.
The Management Accounting module provides two methods for executing consolidation of accounting data:
- General Consolidation -> combines all data;
- Configured Consolidation -> generates a consolidated company with pre-defined data in the “Consolidation Script.
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