According to International Financial Reporting Standards (IFRS), a consolidated entity comprises of four (4) types of entities i.e., structured entities, joint ventures, subsidiaries, and joint ventures. At the initial combination of entities making up consolidated entity, two (2) principle financial statements must be computed as a set of consolidated accounts. They include the profit and loss account which summarizes the transactions of a consolidated entity’s transactions for a given period o

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Consolidated financial statements are financial statements of an entity with multiple divisions or subsidiaries Companies can often use the word consolidated loosely in financial plan reporting to tal... View the full answer