y in 1986, the requirements for such publications became mandatory in France. Still less common in the consolidated statements of other European countries - Spain, Italy and Greece. This problem is particularly acute because of the integration processes in Western Europe and the adoption of the Seventh EU Directive.emergence of transnational corporations (TNCs), which have a high proportion of foreign assets, exports and labor abroad, the establishment of enterprises with foreign capital, the emergence of various forms of commercial, industrial and financial relations between the companies be required to submit information on their activities in the form of consolidation.and practice of consolidated financial statements in different countries vary considerably in the following main points:
The varying extent of the consolidated financial statements;
Different approaches to understanding the category of "group of companies" in terms of consolidation;
Not the same amount of information published by the companies;
Different methods of consolidation.and consolidation under IFRS. Statements prepared under Russian accounting rules, does not contain all the required information, its data are not comparable in many respects with the reporting of foreign companies, which prevents investors to make informed economic decisions.the specialized system "1C: Consolidation TRAC 8" integrated methodology of transformation, containing a set of source, transformation and final form, provide reporting in accordance with IFRS. The model includes 60 transformational adjustments to reflect typical differences between the accounting policy of RAS and IFRS. The important point is to analyze the transformation of the statements of accounting policies used and the ability to define its basic parameters.parent companies to prepare consolidated financial statements, which include the accounts of all subsidiaries. An exception is provided under the following conditions: Parent Company is in turn 100% owned subsidiary company, or if the owners of minority interests have been informed and do not object to the parent company was not consolidated, with the securities of the parent company is not publicly traded; parent company is in the process of production of its securities on the open market securities; the direct or ultimate parent publishes consolidated financial statements in accordance with IFRS .. S. GAAP does not provide for exceptions to general purpose financial statements. The consolidated financial statements are more informative, and its preparation is mandatory for public companies. Special rules apply to certain industries.Overall comparable to IFRS, but the number of exceptions to the rules of consolidation may be greater than the IAS. Thus, apart from a 100% subsidiary of the company, the parent company of which does not require the preparation of co...
