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NEW YORK STATE CONSOLIDATED FISCAL REPORT For the Period: January 1, 2012, to December 31, 2012, SCHEDULE CFR-ii INDEPENDENT ACCOUNTANT'S REPORT VOLUNTARY AGENCY or COUNTY GOVERNMENT Page AGENCY NAME:

How to fill out consolidated fiscal report

How to fill out a consolidated fiscal report:

1. Gather all financial statements: Start by collecting all the necessary financial statements, including income statements, balance sheets, cash flow statements, and any other relevant documents.
2. Identify subsidiaries and affiliates: Determine the subsidiaries and affiliates that should be included in the consolidated fiscal report. This usually includes entities in which the reporting entity has a controlling interest.
3. Eliminate intercompany transactions: Review and eliminate any intercompany transactions between the reporting entity and its subsidiaries or affiliates. This step ensures that only the external transactions are reflected in the consolidated report.
4. Adjust for non-controlling interests: If there are non-controlling interests in the subsidiaries or affiliates, make any necessary adjustments to reflect their portion of the consolidated fiscal report.
5. Consolidate financial statements: Combine the financial statements of the reporting entity and its subsidiaries or affiliates using the appropriate consolidation method. This could be either the acquisition method or the equity method, depending on the level of control.
6. Prepare consolidating adjustments: Make consolidating adjustments to ensure consistency among the different financial statements. These adjustments may include eliminating duplicate or offsetting items.
7. Prepare consolidated financial statements: Once all the adjustments have been made, prepare the consolidated financial statements, including the consolidated income statement, balance sheet, cash flow statement, and statement of changes in equity.

Who needs a consolidated fiscal report:

1. Financial institutions: Banks, lenders, and other financial institutions often require consolidated fiscal reports to assess the financial health and performance of a company and its subsidiaries.
2. Investors: Investors, including shareholders and potential investors, rely on consolidated fiscal reports to evaluate the overall financial position and performance of a company and its affiliated entities.
3. Regulatory bodies: Regulatory bodies, such as government agencies or industry-specific organizations, may require companies to submit consolidated fiscal reports to ensure compliance with accounting standards and regulations.
4. Internal management: Companies themselves use consolidated fiscal reports to gain insight into their financial performance, make informed strategic decisions, and monitor the financial health of their subsidiaries and affiliates.
5. Business partners and suppliers: Business partners, suppliers, and other stakeholders may request or review consolidated fiscal reports to assess the financial stability and creditworthiness of a company and its subsidiaries before entering into contracts or business relationships.

In summary, filling out a consolidated fiscal report involves gathering financial statements, identifying subsidiaries and affiliates, eliminating intercompany transactions, adjusting for non-controlling interests, consolidating financial statements, preparing consolidating adjustments, and finally preparing the consolidated financial statements. Various parties such as financial institutions, investors, regulatory bodies, internal management, and business partners may require consolidated fiscal reports for their respective purposes.

For pdfFiller’s FAQs

What is consolidated fiscal report?

A consolidated fiscal report is a financial statement that combines the financial information of a parent company and its subsidiaries into one comprehensive report.

Who is required to file consolidated fiscal report?

Companies with subsidiaries are typically required to file a consolidated fiscal report to provide a complete picture of the group's financial performance.

How to fill out consolidated fiscal report?

To fill out a consolidated fiscal report, companies must gather financial information from all subsidiaries, eliminate inter-company transactions, and combine the data into one report using consolidation techniques.

What is the purpose of consolidated fiscal report?

The purpose of a consolidated fiscal report is to give stakeholders, such as investors and regulators, a clear view of the overall financial performance and position of a group of companies.

What information must be reported on consolidated fiscal report?

Information such as revenue, expenses, assets, liabilities, equity, and cash flows of the parent company and its subsidiaries must be reported on a consolidated fiscal report.

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