IAS-27 – Consolidated and Separate Financial Statements

Consolidated financial statements are the financial statements of a group presented as those of a single economic activity. Consolidated financial statements shall include all subsidiaries of the parent. Intra-group balances, transactions, income and expenses shall be eliminated in full. The financial statements of the parent and its subsidiaries used in the preparation of the consolidated financial statements shall be prepared as on the same reporting date. When the reporting dates are different, the subsidiary prepares additional financial statements as on the same date. Consolidated financial statements shall be prepared using uniform accounting policies for like transactions. Minority interests shall be presented in the consolidated balance sheet within equity, separately from the parent shareholders’ equity.